Over time, the corporate procurement function has evolved from manager of a series of operational tasks into a strategic partner of the business. The role of today’s Chief Procurement Officer goes beyond one-off purchasing decisions and supplier relationship management, characterized instead by a broad focus on bottom-line growth and the pursuit of new opportunities to drive major organizational initiatives. Now more than ever, the procurement function must increase innovation, hire the right global talent to support its needs, and formulate a global risk-management policy to protect against the unknown. As 2014 continues to unfold, a robust procurement and strategic sourcing strategy will provide an organization with the necessary tools to thrive in an evolving global marketplace.
This survey was developed in connection with an invitation-only event hosted by Consero Group in February 2014 for a collection of Chief Procurement Officers from Fortune 1000 companies. While the survey was limited to 49 participants, the answers provide some useful benchmarking data, as well as valuable insight into the perspective and concerns of this group of senior corporate executives.
Consero’s 2014 Procurement & Strategic Sourcing Data Survey included a total of 13 questions in the following areas:
The questions were posed to all Fortune 1000 CPOs in attendance at Consero’s invitation-only February 2014 Procurement & Strategic Sourcing Forum. The responses appear with brief analysis on the pages that follow.