Study Unveils CPOs’ Agenda for 2021

Research reveals 41% of survey respondents expect business conditions will stabilize by Q2 2021, but 36% believe it will take longer.

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The Hackett Group’s 2021 Procurement Key Issues research looks at how chief procurement officers are refocusing their agenda in the coming year.

From The Hackett Group

Key highlights entail:

  • Continued instability expected. 41% of survey respondents expect business conditions will stabilize by Q2 2021, but 36% believe it will take longer.
  • Spend cost reduction back at the top of the agenda. Corporate sustainability made the Top 10 list for the first time, representing a broader focus on corporate social responsibility.
  • Supply chain risk reduction a major priority. Reducing supply risk to maintain supply continuity is Priority 2 for procurement in 2021.
  • Increased focus on improving analytics and modeling. Procurement leaders are projecting significant growth in adoption of tools for data visualization and advanced analytics and modeling tools in 2021 (26% and 25%, respectively).
  • Accelerated digital transformation. Procurement is rapidly shifting to adopt modern cloud-based systems, with spend suites and best-of-breed solutions expected to grow significantly (by 29% and 22%, respectively).
  • Dramatic shift in enterprise priorities toward digital transformation. Enterprise digital transformation rose five spots to become the top enterprise initiative for 2021, followed by a focus on diversity and inclusion programs, which rose by seven spots. 
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