The direction of business changes every now and then; with new technology, we see changes in geopolitical scenarios, economies etc. Economies around the globe have fallen and risen, because of which the whole industry has been disrupted badly.
When we try to figure out the effects of these changes around us in isolation, it becomes really difficult for us to put the information at one place and analyze how these can be tackled with.
This is why Zycus runs an annual survey, which is filled by hundreds of procurement professionals across the world, who have voiced their belief and their valuable comments in the world of procurement and what its future behold for us.
This year, the Pulse of Procurement survey was completed by about 725 procurement professionals across the world giving a very clear idea of where procurement is headed in the future.
And similarly, we have prepared the report which is specific to Europe. This has helped us look at some of the very interesting analysis. Some of the key highlights in this survey that came up are:
- Nearly 8/ 10 procurement professionals working for European companies believe their C-Suite views procurement as either important or critical to business strategy
This is great news as procurement professionals are invaluable to the success of their companies. Not only they have skills to balance cost and maintain supplier relationship but they are now moving to more strategic decision making.
- Key focus areas for procurement teams in 2017 suggest an ongoing shift in attention away from internally-focused concerns toward more external challenges
The external challenges such as rising inflationary pressures and risks associated with proliferating geopolitical uncertainty have now become the focus of procurement. CPOs find themselves challenged to shift their own priorities from cost reduction to supporting breakthrough innovation with advanced supplier discovery, accelerated sourcing cycle times, creative contracting to tackle the risks.
- Poor information quality is the number one procurement pain point in Europe
Access to the accurate data is the need of the hour as finding credible and granular internal data is a challenge in procurement. If we cant properly analyze the data, the result will be of lower quality purchasing or which doesn’t need the procurement needs.
Join Richard Waugh, Vice President of Cooperate Development, Zycus Inc; as he discusses the findings of this year’s survey, which will help procurement processionals in Europe take better decisions.
The topics that will be discussed will be:
- What are the major pain points for most procurement organizations?
- What changes are we seeing vis-à-vis 2016 in the procurement space?
- What strategies can companies adopt to increase Spend Under Management?
- How can companies boost compliance to contracts?
- How will the procurement domain totally transform in the coming 5 years?
Date: 25th July 2017
Time: 2 PM CEST