How CPOs Can Empower Organizations to Rethink Digital Transformation
By Costas Xyloyiannis, CEO of HICX
Armed with the courage to change the status quo and a strategy that steers trusty master data and friction removal, CPOs who are willing to take deliberate action can build a healthy foundation and deliver true digital transformation.
One thing the pandemic really highlighted in procurement is its ability to add value in new areas. Through blood, sweat and tears, the function proved its aptitude. It met unexpected demands. It delivered well beyond cost savings. It adapted, and in doing so, it fast-tracked digital transformation. Now procurement has access to a host of tools.
In the competitive post-COVID-19 era, chief procurement officers (CPOs) face the opportunity to add organizational value through digitization. For many, the assumed starting point is to invest in tools. But this reinforces a pre-pandemic outlook, which doesn’t always yield enough return in today’s environment.
The good news is that it’s possible for CPOs to set up their organizations to thrive. So, where should they begin?