Latest research from The Faculty Roundtable

From virtual negotiations to Google-style spend analytics, to outsourced procurement, much has been predicted about the ‘future of procurement”. The Faculty Roundtable wanted to frame things another way: In their latest research Future-Ready Procurement they questioned: “What are the irrefutable megatrends shaping the future
of business and how well prepared is procurement to respond?”

Among the most surprising findings of the research was the contrast in views of current and future leaders, particularly in respect to different mega trends.

The inaugural Future Leaders in Procurement (FLiP) forum held in the lead up to The Faculty’s Annual CPO Forum, offered a unique opportunity to engage the views of some of Australia’s most promising commercial talent on this issue. Future Leaders were surveyed alongside CPOs to determine how well they felt their respective procurement functions were responding to the megatrends, being:

  • Geopolitical uncertainty; increasing volatility in environmental, political, economic and social landscapes
  • Shifting demographics; an ageing workforce and changing workplace practices 
  • Digital revolution; rapid evolution of cloud, mobile, social and data technologies
  • Social awareness; increasing recognition that the competitiveness of an organisation and the health of the communities around it are mutually dependent

On the more established trends of Geopolitical Uncertainty and Shifting Demographics CPOs tended be relatively more positive than their would-be successors. For example, over 60% of CPOs reported that business continuity plans were in place for critical categories while only just over 40% of Future Leaders felt the same. Conversely, on the emergent trends of Digital Revolution and Social Awareness Future Leaders took a more progressive view than their senior colleagues. For example, on the question of supplier diversity targets almost 70% of Future Leaders acknowledged a commitment to increasing participation of local, indigenous, social or other minorities in their supply chain, compared to only just over 50% of CPOs.  Hear the views of our Future Leaders in the FLiP Video here

Matthew Perfect, Principal Consultant Roundtables and Forums and co-author of the research, believes the findings are good news for CPOs and rising stars: “Future-Ready Procurement is the responsibility of both current and future leaders within the profession. In order to evolve to the next generation of value creation, CPOs are beginning to handover the leadership mantle in areas such as digital and social procurement where Future Leaders are more engaged and as a consequence more proactive.”

For more insights from the Future-Ready research, download the Executive Summary

About The Faculty’s Roundtables and Forums

The Faculty is committed to the development of both current and future leaders within procurement, not only through our Roundtables and Open Programs but through working closely with our clients on bespoke capability development and advisory engagements. Emerging areas of practice for our consultants (and some of our own Future Leaders), include social and local procurement development as well as advising on communications and digital strategy for procurement teams.

For more information on Roundtables and Forums, click here