- July 2023
To take full advantage of new opportunities, it is essential to have high-performing talent in your procurement function
Talent has emerged as the number one priority for CPOs. This was the finding from a recent Procurement Leaders survey with more than 50% of respondents identifying the key area for investment. In an environment where technology and data driven solutions are critical to success, the value of having a high-performing team is clear.
Why is talent so important?
Strategic Direction
With tools like ChatGPT harnessing Generative AI (see our thoughts on the topic here), the ability to leverage big data and produce intelligent and reliable outputs is increasing exponentially. However, with any high-powered tool, they require alignment with coherent objectives. A clear strategic direction must therefore be plotted by procurement leaders and their teams, leveraging practical experience and knowledge. This involves alignment of organisational context and policy with strategic objectives to inform quality decision-making. This is how talented teams maximise value from new technology.
Quality Assurance
As we see in many parts of today’s society, being fast is important – but it’s not as important as being right. Risk management frameworks to ensure compliance will need to evolve as technology driven solutions proliferate. This will include policy reviews, refining processes to reflect change and designing them to facilitate the benefits of automation. Such changes will then need to be implemented and governed by a team capable of making decisions and provided quality oversight.
Future-Proofing
In a highly competitive environment, it will not always be possible to be at the forefront of innovation. This means that the resilience and adaptability of your team to adopt fresh ideas and ways of working is vital. Talented teams will be able to handle such challenges more quickly to ensure that any opportunity to gain a competitive advantage will be exploited. To understand more about the importance of resilience in your business read the BearingPoint Resilience report.
So how do I ensure my team is well equipped?
- Value your people – This goes beyond remuneration. We reflect on our work satisfaction through various aspects, so this should be mirrored when looking to reward and motivate high performers. Considering the protracted impact of COVID and Brexit on the economy and business operations, procurement is now central to strategic corporate objectives and therefore should be recognised as such.
- Training & Development – As new tools and opportunities for efficiencies become available, a motivated team with the ability to fully leverage these tools will be a difference maker. Offering high quality training programmes and encouraging uptake by alleviating day-to-day pressures will drive engagement and fuel creativity.
- Succession planning – while plan A is to hold on to your high performers, this won’t always be possible. Facilitating open and honest dialogue around your people’s futures drives your understanding of what you will be looking for when it comes to replacing them. They will understand the day-to-day expectations better than anyone, so their input is extremely valuable.
Author
Dominic Rocha, Senior Consultant dominic.rocha@bearingpoint.com
