Exclusive survey reveals: 91% of CPOs report increased C-suite influence

A recent survey reveals procurement’s strategic role has increased significantly.

According to the ProcureCon CPO report, 91% of respondents reported an uptick in the CPO’s role in C-suite decision-making over the past two years. However, challenges remain, as 46% are facing internal struggles.

As global supply chains face geopolitical instability, uncertainty around inflation and the rising cost of living, procurement’s role has never been more vital to an organisation’s stability and resilience.

To navigate these complexities, many procurement teams are turning to artificial intelligence (AI). Generative AI, in particular, is revolutionising the way procurement teams work and is freeing up bandwidth for more strategic tasks. Almost half (49%) of respondents to the survey have already implemented AI solutions to streamline processes, including supplier reviews, process automation and demand forecasting.

Spend analysis and supplier performance management is being used by 40% of respondents to our survey, while 38% have turned to technology and automation. In the report, respondents spoke candidly about balancing cost control with the benefits of ethical sourcing practices.

This data will be released in full when the report is published in September 2024. The report surveyed 100 of the most senior procurement leaders from across Europe, from industries including technology, finance, pharmaceuticals and automotive. At least 50% of those surveyed were CPOs.