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Key Insights from Horizon 2014

By Roshnee
In Zycus Horizon
Nov 19th, 2014
0 Comments
4300 Views

“Nice experience! Thanks Zycus”, “Great event, really took in a lot!”… Some feedback we got from the event attendees. The praise makes all the efforts and hard work put in for months worth it. With 200+ happy attendees we can safely say the event was a big success.

Key Insights- Horizon 2014

In this blog I would like to share some of the major procurement insights that were evident from the various sessions and conversations held at the event.

Insight 1: Shifting trends towards Source-to-Pay adoption

There is a growing trend towards adoption of multiple solution suites as opposed to point solutions. As per 2014 Gartner end user inquiry: a staggering 75% want suites, not point solutions.

A dominant telephone company, headquartered in Ohio, U.S. vouches for integrated procurement suite to improve workflow & compliance, maximize addressable spend, minimize maverick spend and increase procurement’s net contribution to bottom line.

A Swiss based pharmaceutical company facing multiple challenges with its procurement team, identified and realized that implementing end-to-end procurement suite would not only help support both – its procurement team and the internal clients but also open ways for a professional collaboration with their suppliers.

Insight 2: The changing role of a CPO

The average life span of a CPO is 4.6 years as per a CAPS Study.

Bill Michels, Sr. VP ISM said that as a CPO if your primary metric is cost savings, then your days are numbered. The role of procurement has evolved from being transaction driven to being business strategy driven. Thus a CPO needs to look beyond cost savings.

The CPOs today needs to deliver ‘value’ by focusing on innovation – be it supplier related or internal, building a strong pool of procurement talent, enhancing collaboration with internal and external stakeholders, getting a seat at the executive management table and understanding the value in alignment in the organizational strategy with the supply chain.

Insight 3: Key procurement trends

Some of the key procurement trends as highlighted and discussed by The Hackett Group study were;

“Reducing cost of procurement” is a top priority for organizations in 2015, as voted by 52% of the survey respondents.

Supplier innovation is another focus point. 31% of the organizations measure supplier innovation by “the number of new ideas implemented”

 

 

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About "" Has 166 Posts

Roshnee works with the content leadership team of Zycus. She regularly writes on procurement - trends and best practices, sometimes taking the off beat path to bring in a fresh perspective. She also drives the branding activities of her company. In her free time she enjoys hot cuppa coffee with the latest fiction book. She is an MBA in Marketing and a graduate in commerce.

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