Companies will need to reimagine procurement as emerging technology, changing workforce demographics and evolving business network ecosystems redefine how goods and services are sourced, purchased, and tracked. Important issues that CPOs are grappling with include how procurement organizations will evolve, what new capabilities will emerge, and what value will they bring.
Agility will be an important tenet to tackle supply disruptions. “React, Recover, Renew” will be the new mantra so that businesses can identify alternate sources and speed up sourcing cycles with new contracts, where needed. A supplier risk management program will help companies hold on to a steady supply base, while a strategic approach to spend management can optimize cash resources. The future of work is moving towards a multi-channel workforce, and managing them will also be key to the success of the business.
SAP offers a range of products to address each of these issues and help companies keep on top of the shift from supply chain to supply network.