Across all countries, industries, and sectors, organizations are experiencing an unparalleled pace of change. Because of this, businesses are quickly re-evaluating their operating models and strategies, not just to keep up with the market forces, but to continually capitalize upon them. Due to these market forces, organizations are finding themselves squeezed for cash and profitability margins.
Procurement has a significant role and duty to help their organization achieve success when facing the volatile and uncertain markets ahead. This may require procurement to focus on driving costs out of the business and adding value in a much more strategic way. Procurement organizations should begin to view these ever changing market forces as not only a constraint, but also an opportunity.
Capitalizing upon the ever changing market forces is of great importance to procurement organizations across the world. In this series, procurement personnel discuss the future pressures and volatilities the market will face and how procurement organizations must expand beyond the traditional role of a cost reducer.