Ensuring supply continuity and combatting inflationary price increases are the top two priorities for procurement organizations in 2023, while talent management has jumped to the top of procurement’s list of planned improvement initiatives, according to new CPO Agenda research from The Hackett Group, Inc. (NASDAQ: HCKT). But strategic priorities are driving procurement’s continued focus on reducing spend cost, and pursuing digital transformation remain critical, along with improving analytics and insight capabilities.
Talent management is the No. 1 planned improvement initiative for procurement organizations in 2023, The Hackett Group® found. But it was surprisingly absent from procurement’s list of top priorities for 2023, in part because executives view talent management as a relatively mature capability. Several other priority improvement initiatives show lower maturity levels, including supplier relationship management, responsible procurement, third-party risk management, core procurement technology enablement and supplier performance management.
