Icertis publishes the annual ProcureCon CPO report based on research undertaken by WBR Insights. The 2024 report uncovers the transformation of Chief Procurement Officers (CPOs) into key influencers shaping company strategies and the role of AI in navigating challenges and opportunities related to procurement processes, technology implementations and sustainability initiatives.
Survey respondents included supply chain, procurement and risk management leaders from companies across the U.S. and Canada in industry sectors spanning manufacturing, pharmaceutical, aerospace, automotive and more.
“Especially in times of volatility and change, the organizational significance of the procurement department continues to grow, spanning contract creation and approvals to surfacing untapped savings, avoiding missed obligations, and ensuring ongoing compliance throughout supplier relationships,” says Bernadette Bulacan, chief evangelist at Icertis. “As the global regulatory landscape undergoes dynamic changes and businesses grapple with challenges like supply chain disruptions, inflation, ESG audits and market volatility, the expectations of CPOs have never been higher. This is a pivotal moment for procurement leaders to assert their influence, steering the organization and shaping business-critical initiatives with AI technology, particularly in contract management.”
Key Takeaways:
- 46% of CPOs are wielding influence in high-level decision-making compared to two years ago. More than half of procurement officers are prioritizing cost reduction and 46% are focused on proactive mitigation of supply chain risk, indicating an emphasis on streamlining operations to protect business outcomes and impact the bottom line.
- 44% of CPOs have led AI adoption efforts in the past 12 months, revealing their pivotal role as champions of innovation and transformation. In parallel, 27% express a need for enhanced CLM capabilities, presenting an opportunity for CPOs to realize the value of AI in contract-driven processes.
- 86% of CPOs play a moderate to large role in driving sustainability decisions, with 46% prioritizing ESG and sustainability goals in 2024. 43% of procurement leaders are also enhancing capabilities to extract and interpret ESG metrics from data, underscoring a key opportunity for AI-powered contract intelligence to inform decision-making.
