We cannot solve our problems with the same thinking we used to create them.
In the midst of tariff wars and constant threats of the corporate giants like Amazon and Apple, global crises and competition have created an unprecedented need for creative solutions to maintain profitability of the business. In order to fulfill the needs of the business, organizations more than ever are equally turning to Marketing & Procurement to drive business profitability together. Over the past decade the Procurement function has seen a drastic shift from a cost focus to a ‘value’ mindset.
Formerly, the skill set needed by a Procurement professional were basic financial analysis, negotiation, project management, and contracting. Now, the professional must be well versed in complex global negotiations, process improvement initiatives, multi-year financial analyses, and long term strategic innovation drivers to create significant step improvements in cost that drive business value. They are challenged to think about revenue generation or development of large scale consolidation initiatives.
Their sourcing strategies must align with the business strategy but also challenge the status quo to drive healthy disruptions which is why Procurement and Sourcing professionals alike must become transformational leaders in their organizations. This is the only way to achieve the fierce but delicate balance between Cheap, Fast, and Good.
The function has truly transformed from RFP monkeys to innovative business catalysts for change. With over 2500 open Procurement roles in the Chicagland area alone, it is clear that this growing profession will require new avenues for workforce development of this specialized skill set. Beyond the well respected Institute for Supply Management, universities like Michigan State University and Baylor University are actively seeking to enhance their Supply Chain programs and market young talent to large corporations such as Walgreens. Even Forbes 2017 wondered, “Will Procurement Be The Hottest Job Of The Decade?”
Yes, Forbes….. Yes it is!!!!