Art of Procurement19 Feb 2024

672: Redefining Procurement's Value and Shifting Mindsets W/ Chris Sawchuk and Vishal Patel

"Given all the things procurement is doing, it does seem that a lot of their work tends to go unnoticed or be undervalued or is boiled down to that one bottom-line savings number. The truth is that procurement is involved with a lot." - Vishal Patel, VP Product Marketing, Ivalua

Even though big events like the pandemic, inflation, global supply chain disruptions, and geopolitical conflict have reminded everyone how relevant procurement is to the organization, the full value procurement offers is still often misunderstood and underestimated.

Why is procurement so frequently undervalued when their impact can be felt across the business, not just to cost or risk management but also sustainability, product innovation, supply continuity, and business strategy?

To understand how shifting mindsets around procurement's value contribution are redefining their role in the business, Philip Ideson and Kelly Barner spoke with Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group, and Vishal Patel, Vice President of Product Marketing at Ivalua.

In the episode, Chris and Vishal discuss:

New opportunities and approaches to performance measurement for procurement's value contribution beyond cost
The deepening value of risk management and the need for nuanced approaches to risk beyond traditional metrics
The evolving role of generative AI and emerging technologies as procurement's "co-pilots" in delivering value

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