6 Imperatives for CPOs

Procurement
at the heart of the high performing business

Well equipped procurement and supply management organizations have the power to drive business performance on both the profit and revenue lines. But procurement can only succeed as an explicit driver of business performance by,

Thoroughly understanding the spending needs of the business,
Extracting the greatest possible value from global supply markets,
Building collaborative relationships with high-performing suppliers,
Minimizing supply risks,
Obtaining both collaboration and correct behaviors from the people who spend, and
Aligning every strategy and activity that procurement undertakes with such business performance measures as cost of goods sold, working capital, cash flow, profit, shareholder value, market leadership and innovation.

Becoming that well-equipped procurement and supply management organization means recruiting the right talent into procurement, adopting proven best processes and using technology strategically to: overcome human limitations for processing information; remove physical obstacles to collaboration; ensure efficiency and maximize return on investment in procurement.

To get to this vision, CPOs must focus on the six imperatives outlined in this paper.

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