Changing Trends in the Procurement Function

This report analyzes the current priorities and challenges within the procurement function, focusing on themes such as risk management, supplier engagement, and technology adoption. It highlights the impact of macroeconomic uncertainty and the rising expectations for environmental, social, and governance (ESG) performance. The findings are based on a global survey conducted by Economist Impact, which included 2,307 C-suite executives across various organizational functions. The report emphasizes the evolving role of procurement leaders in navigating a complex environment marked by supply chain disruptions and inflation. It also discusses the shift in reporting structures, with an increasing number of procurement teams reporting to chief operating officers (COOs) rather than chief financial officers (CFOs). The report identifies key areas for improvement, including collaboration with stakeholders and the effective management of procurement technology. Overall, it presents a comprehensive view of how procurement is adapting to meet both existing and emerging challenges in the business landscape.