Procurement Software Puts CPOs in Leadership
This time of year puts the excitement of consumer spending at the forefront. Exciting deals, beautiful ads, and creative marketing showcase the appeal surrounding retailers and consumer shopping. Yet the image of business purchasing stands at a sharp contrast, generally perceived as unexciting. Clunky software solutions or manual purchasing solutions of the past left much to be desired in the world of procurement software.
New technology advancements and a general move towards strategic purchasing is taking procurement in a new and exciting direction. Businesses are increasingly experiencing the difference that strategic purchasing software can make.
This move represents a pretty revolutionary movement in procurement. Where procurement once meant simply asking for better pricing from suppliers, technology and better approaches to what procurement means has led procurement to mean driving value, not just better pricing. Now procurement teams can use tools like spend analytics to power their decisions and create value within their organization.
A recent article from Financial Times features Christian Holzer, CPO of ThyssenKrupp, and his work restoring the company to its former success. Holzer acknowledges the monumental effort it took to digitalize their purchasing process and to get the right people on board, but his success in procurement has been fundamental to the company’s turn around.
As procurement leaders continue to lead in this new approach to creating value in their businesses, CPOs will be better positioned to lead their entire organization in creative, strategic initiatives.
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