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The Hackett Group study: What procurement leaders say about their strategic priorities and initiatives for the coming year.

The Hackett Group has released its Key Issues 2022 study into procurement, providing an in-depth look at the opportunities and challenges ahead for leaders.

The research findings, created through the input from procurement leaders in late 2021, suggests business leaders expect a return to growth and expansion, but disruption continues to arise from multiple areas (the supply chain, inflation, talent and other risks) – not discounting new developments in the pandemic.

“Together, these priorities reflect a continuing elevation and broadening of the function’s role and value contribution beyond only delivering cost savings,” Hackett said.

The Hackett Group, a content partner of Procurement and Supply Australasia (PASA), found:

  • supply disruption and its impact on revenue are now procurement’s top concerns
  • and supplier sustainability rose more than any other priority on procurement’s agenda in 2022 compared to 2021.

The key themes emerged from the research are explored below. On Monday, PASA will feature what the study found with respect to the hot topic of digital transformation and the top 10 priorities according to Hackett for 2022 year in procurement.

The key themes of the report:

1. Managing supply chain disruption and the growing sustainability agenda

While managing continuing supply disruption and its impact on revenue remain procurement’s top concerns, sustainability rose more than any other priority on the function’s 2022 agenda, compared to the previous year. Hackett said together, these priorities reflect a continuing elevation and broadening of the function’s role

and value contribution beyond only delivering cost savings.

2. Digital transformation front and centre

Digital transformation remains a front and centre enabler, according to Hackett’s research which also suggests the bar has been raised. “But now refreshed with increased rigor around data management; the need to deliver up-to-date insights to inform supply risk, sourcing, and supplier management; and greater realization of the importance of obtaining value from technology investments,” Hackett said.

Hackett found historical projections around growth in adoption haven’t fully come to fruition, and predictions for 2022 adoption are somewhat tempered. The research also found procurement executives are concerned about their ability to deliver on digital transformation and certain enablers of it.

3. Maintaining a workforce equipped for the future

The study unearthed a concern by executives about maintaining an efficient, productive workforce with the evolving skills needed to meet the broader enterprise mandate. “Developing capabilities in areas such as supplier relationship management, sustainability and data-driven insights will be critical to enabling business success,” Hackett said. It also said functional leaders must try and navigate disruptions impacted by resignations and normalization of the work-from-anywhere model.

Download your copy of the Key Issues 2022 study.

 

 

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