Press release
Hackett Research: Supply Assurance Now the Top Priority for Procurement
2022 Procurement Key Issues Research Finds Sustainability Rising in Importance as Digital Transformation Remains a Key Focus MIAMI & LONDON--(BUSINESS
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\n2022 Procurement Key Issues Research Finds Sustainability Rising in Importance as Digital Transformation Remains a Key Focus\n\n MIAMI & LONDON--(BUSINESS WIRE)--\nSupply assurance is now the top priority for procurement, according to 2022 Procurement Key Issues research from The Hackett Group, Inc. (NASDAQ: HCKT). Sustainability has also risen more than any other procurement priority for 2022, as digital transformation remains a key focus.\n\n2022 is quickly shaping up to be a challenging year for procurement, with key business risks, including increased supply chain disruption, inflation, commodity volatility, and labor and skills challenges, on top of the need to deliver cost savings in an inflationary environment. According to the research, the agenda for today’s CPO is now much broader than just a few years ago.\n\nThe full research, “The Procurement Agenda: 2022 Key Issues,” is available from The Hackett Group® on a complimentary basis, with registration, at this link: http://go.poweredbyhackett.com/22prockey2201sm.\n\nKey findings include:\n\nSupply Assurance Elevated to Top Priority – Managing supply disruption and its impact on revenue remains procurement’s top priority, up from second in the previous year’s study. Cost-cutting, traditionally procurement’s number one priority, has slipped to the number two spot. This reflects continued disruptions driven by the global pandemic. The pandemic has also given suppliers greater leverage and control in the buying relationship – and procurement must adapt. Fallout from the growing conflict with Russia over the Ukraine may further accentuate supply disruption concerns. The key to addressing this is to build resilience by developing capabilities in supplier relationship management, improving analytics to better identify and predict supply chain challenges, and overall digital transformation.\n\nSustainability Rises in Importance – Sustainability rose more than any other procurement priority for 2022, jumping up four spots to the number four position, the research found. While sustainability has long been a top priority in Europe, it is now a much greater priority for U.S. companies. In addition, corporate social responsibility, including diversity, equality and inclusion, another key part of the environmental, social, and governance (ESG) agenda, continues to climb the ranks o...