2014 Procurement & Strategic Sourcing Data Survey Facts & Analysis
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1 2014 Procurement & Strategic Sourcing Data Survey Facts & Analysis 2014 Consero Group LLC. Reproduction Prohibited.
2 INTRODUCTION 2014 Procurement & Strategic Sourcing Data Survey 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. w 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. Survey At A Glance»» Chief Procurement Officers generally lack enough resources for the procurement function»» Short-term cost reduction is a higher priority than long-term growth for a majority of businesses»» A majority of businesses reduced the number of their suppliers over the past 12 months Survey Structure And Methodology Consero s 2014 Procurement & Strategic Sourcing Data Survey included a total of 13 questions in the following areas:»» Budget and Resources»» Corporate Strategy»» Risk Management»» Supplier Relationship Management 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 Consero Group LLC. Reproduction Prohibited.
3 BUDGET AND RESOURCES A Majority Of Survey Respondents (59%) Do t See A Sufficient Talent Pool To Support Hiring Needs A majority of procurement executives surveyed experienced an increase in departmental budget over the last year, despite a shaky economic environment. However, there remains a talent gap in the procurement and sourcing space, as 59% reported a lack of access to a sufficient pool of trained procurement talent to support their organizational needs. This may explain why the same percentage (59%) of Chief Procurement Officers surveyed do not feel they have sufficient access to the resources required to execute their function. The remainder of 2014 will require that the procurement function focus on training current in-house talent to meet their needs, and to continue to push for necessary resources from top management. Fifty-nine percent of Chief Procurement Officers surveyed do not feel they have sufficient access to the resources required to execute their function. Figure 1: How Has Your Departmental Budget Changed Over The Last 12 Months? 49% 31% 20% Increased Decreased Change Consero Group LLC. Reproduction Prohibited.
4 BUDGET AND RESOURCES Figure 2: Is There A Sufficient Pool Of Trained Procurement Talent Available To Support Your Hiring Needs? Yes 41% 59% Figure 3: Do You Have Enough Resources To Manage Your Procurement Operations Effectively? Yes 41% 59% Consero Group LLC. Reproduction Prohibited.
5 CORPORATE STRATEGY A Majority (57%) Of Surveyed Chief Procurement Officers Declare Short-Term Cost Reduction As A Higher Priority Than Long-Term Growth In 2014 A company s ability to procure the resources it needs efficiently is fundamental to financial success. It is therefore no surprise that 94% of surveyed CPOs report that their sourcing strategy is tied to the overall business goals of their companies. In looking forward, 57% of the surveyed procurement executives identify cost reduction as a main priority for 2014, while 43% will spend their time primarily focused on long-term growth. Just over half (51%) of the Chief Procurement Officers surveyed anticipate investing more in e-procurement and e-sourcing tools over the next year. Figure 4: Is Your Sourcing Strategy Tied To The Over Business Goals Of Your Organization? Yes 94% 6% Figure 5: Which Is A Higher Priority For You In 2014? Short-Term Cost Reduction 57% Long-Term Growth 43% Figure 6: Do You Plan To Increase Your Investment On E-Procurement Tools And E-Sourcing Solutions Over The Next 12 Months? Yes 51% 49% Consero Group LLC. Reproduction Prohibited.
6 RISK MANAGEMENT A Majority Of Surveyed Chief Procurement Officers Believe Their Company s Risk Management Efforts Are Effective Procurement executives face a variety of complex risks when working with outside suppliers. While a majority (60%) of the surveyed CPOs believe that their overall organizational risk management efforts are effective, there is clearly room for improvement in this area. This is particularly true given that more than half (53%) of the survey participants report not having a global risk management policy in place. In light of the wide array of tangible risks relating to doing business with third parties, from interruptions in supply to data breaches, this is an area that seems to warrant greater attention from Chief Procurement Officers in Figure 7: Do You Have A Global Risk Management Policy? Yes 47% 53% Figure 8: Are Your Company s Current Risk Management Efforts Effective? Yes 60% 40% Consero Group LLC. Reproduction Prohibited.
7 SUPPLIER RELATIONSHIP MANAGEMENT Nearly Three Quarters (73%) Of Surveyed Chief Procurement Officers Report Improved Key Supplier Relationships Over The Last Year One of the main responsibilities of the Chief Procurement Officer is to drive cost savings and operational excellence through supplier relationship management. Fortunately, 73% of those surveyed reveal having a better relationship with their current suppliers than they did 12 months ago. Leveraging this strong relationship will permit CPOs to drive growth and innovation within the enterprise. A smaller majority (59%) of those surveyed anticipate more supplierdriven innovation in 2014 than they saw in 2013 a positive sign for CPOs seeking greater value from their vendors. 73 percent of those surveyed report improved relationships with suppliers. While 79% percent of attendees indicated that their suppliers meet the needs of their corporate social responsibility efforts, 67% percent reported that sustainable business practices have not resulted in cost reductions. This issue seems to indicate that corporate social responsibility could benefit from greater innovation and cooperation between businesses and suppliers to find lasting solutions. Fifty-nine percent of those surveyed also reported that they have decreased the number of their suppliers over the last 12 months. This could indicate that businesses are simply removing suppliers they no longer use; however, it could also signal a cost-reducing effort that improves efficiency. In either case, CPOs must be mindful of minimizing risk from investing in too few suppliers, which could heighten exposure to supplier-driven problems. Figure 9: Do You Have A Better Relationship With Your Key Suppliers Than You Did 12 Months Ago? Yes 73% 27% Consero Group LLC. Reproduction Prohibited.
8 SUPPLIER RELATIONSHIP MANAGEMENT Figure 10: Do You Anticipate More Or Less Supplier- Driven Innovation In 2014 Than You Saw In 2013? More In % Less In % Change 33% Figure 11: Do Your Suppliers Support The Demands Of Your Corporate Social Responsibility Strategy? Yes 79% 21% Consero Group LLC. Reproduction Prohibited.
9 SUPPLIER RELATIONSHIP MANAGEMENT Figure 12: Have You Achieved Tangible Cost Reductions Through The Use Of A Sustainability Program? Yes 33% 67% Figure 13: Have You Increased Or Decreased The Number Of Your Suppliers Over The Last 12 Months? Increased 20% Decreased 60% Change 20% Consero Group LLC. Reproduction Prohibited.
10 CONCLUSION Lessons For The Industry Chief Procurement Officers play a key role in driving growth for the enterprise. The data in this survey suggests that CPOs must leverage their existing budgets and supplier relationships to deliver cost reduction and long-term growth, while facing a lack of sufficient talent in the industry. The upcoming year will likely see a focus on driving innovation within supplier networks, managing risks, and expanding the current in-house talent pool to fulfill corporate requirements Consero Group LLC. Reproduction Prohibited.
11 How Is Consero Different From Other Conference Companies? Branded as the anti-conference company 1, Consero s model is a vast improvement over the traditional model for conferences and trade shows in several important ways. Exclusivity, Intimacy, and Commonality. Consero puts its executives first. Unlike other conferences, a Consero Forum brings together executives with common levels of experience and seniority, as well as similar business challenges. This ensures optimal networking and collaborate development of best business practices. Original Content and Thought Leadership. Consero views its events as a means to an end solving business problems. Consero prides itself on generating exceptional, original content that contributes to practical discourse, yielding impactful takeaways that help participants to improve their own performance, as well as that of their departments and organizations. By permitting its programs to evolve until the Forum takes place, Consero can integrate the most current significant developments e.g., a late-breaking Supreme Court decision impacting antitrust law into the solutions that emerge from the Forum. This focus on world-class content is an important differentiator for Consero. What Problems Does Consero Solve? Today s senior executives are busier than ever and inundated with information, too little of which addresses their specific current needs. Consero brings together those senior executives so that they can learn from one another in an efficient, exclusive format, and build relationships that facilitate ongoing post-forum dialogue. One of the primary components of a Consero Forum s substantive program is its KnowledgeBridges, 10- to 15-person roundtable discussions on specific topics of interest that relate to common business challenges. During these highly interactive discussions, each moderated by an industry expert, executives share ideas and address particularly difficult problems with their counterparts in the room. There is no substitute for this kind of professional learning. In addition to superior educational opportunities, Consero Forums expose senior executives to participant-requested and Consero-vetted industry solution providers that offer innovative enterprise solutions to business issues identified by the executives themselves. Consero s highly selective criteria for solution providers and insistence that those companies send their own executives (not salespeople) ensures that Consero executives are constantly educating themselves about world-class solutions that can improve their business. 1 Gonsalves, Antone. Consero Takes Aim at Bored C-Suiters with Its Anti-Conferences. Bloomberg. Jan. 28, < Jan. 28, Consero Group LLC. Reproduction Prohibited.
12 Opportunities To Participate at Future Consero Forums may be available on a limited basis. Please contact our team for additional information. Consero Group LLC 4915 St. Elmo Ave., Ste. 100 Bethesda, MD (202) tel (202) fax inquiries@consero.com
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