Is Your CPO Up To the Analytical Procurement Task?
Categories: Innovation, Learning / Research, Procurement Strategy & Planning | Tags: Incendiary Tidbits, L2
There are certain functions in companies where being data-driven and analytical are prerequisites to success. Certainly in many areas of supply chain and finance, leaders must display a strong competency – even gift – in either data orientation or analytical skills, or both. As an aside, it’s worth noting that data prowess and analytical horsepower aren’t necessarily intertwined. My wife and business partner, who has one of the best analytical minds of anyone I’ve worked with, is not gifted on the purely quantitative side of things, as she’ll be the first to admit.
Yet, the procurement function in its present form is not necessarily one that has required quantitative and analytical skills in order to rise through the ranks. This leads us to the question: Is your CPO up to the analytical task? If you’re as curious about this question as we are – and want to do some secret homework to see if your boss is cut out for his or her role – we encourage you to download the latest paper authored by my colleague Peter Smith, Changing Roles of the Procurement Leader: The Analytical CPO.
We’ll be formally launching this paper tomorrow, but it’s available for those who want an early peek at what it takes to become an analytical CPO – and whether the current crop of leadership within your organization is up to the task. Here’s a quick preview from Peter Smith’s pen as we set the stage for what is set to be the best debate on Spend Matters this year (we promise):
“While much of the recent focus has been on the need for procurement professionals to develop strong interpersonal skills, we’ve been observing another trend that is driving somewhat different needs … To succeed now, a procurement leader must also be increasingly analytical and data-driven, making decisions and setting direction based on evidence and analysis, not just personal judgement.”
“The sheer quantity of data that is available now has driven other pressures and a need for different skills. That development is creating perhaps the greatest change in the necessary skill set for senior procurement executives. It will be good news for some and bad news for others, but it is becoming harder and harder to succeed in these senior roles without appropriate analytical skills.”
We encourage you to be the first in your organization to read: Changing Roles of the Procurement Leader: The Analytical CPO. We promise, you won’t be the last! And stay tuned for additional commentary on the topic and a full preview of the perspective as we formally launch Peter’s latest paper.
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