Bethesda, MD—August 27, 2015—A large majority (84 percent) of chief procurement officers (CPOs) are not satisfied with the level of insight their company data provides, according to a new survey by Consero Group, an international provider of high-level, invitation-only events for senior executives. The results were reported as part of the July 2015 Procurement & Strategic Sourcing Data Survey, compiled by Consero Group.
A majority of procurement officers (53 percent) named spend visibility as the data metric proven most effective in supporting their operations. However, 69 percent of procurement executives reported that they believe metrics used to evaluate their function drive the wrong behavior within their organizations.
“Considering how numbers can drive strategy and performance, CPOs could be concerned by these findings,” said Paul Mandell, founder and CEO of Consero. “Moving forward, CPOs may want to invest time in identifying ways to extract insight from their data, and communicate the key metrics that drive positive change and behavior.”
Additional findings include:
- Relations are improving. Nearly three-fourths (72 percent) of executives reported a better relationship with their suppliers.
- Executives are split on the procurement talent pool. Fifty percent of CPOs surveyed believe that there is a sufficient pool of trained procurement talent available to support their hiring needs.
- Little cost reduction is achieved from sustainability programs. Only 20 percent of procurement executives reported achieving tangible cost reductions through the use of a sustainability program.
The Procurement & Strategic Sourcing Data Survey was developed in connection with Consero’s July 2015 Procurement & Strategic Sourcing Forum for Chief Procurement Officers. A total of 47 responses were recorded.