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.