Procurement has evolved into a strategic function that drives efficiency, sustainability, and resilience. The 2023 Deloitte Global Chief Procurement Officer (CPO) Survey shows that procurement leaders are grappling with significant challenges such as operational efficiency, sustainability, and risk management. In this article, we break down these key priorities and explore how digital solutions like Shopery's procurement platform can offer a path forward.
According to Deloitte’s survey, 74% of Procurement leaders cite driving operational efficiency as their top priority. Coupled with the fact that 71% are focused on improving margins through cost reduction, procurement specialists are tasked with doing more with fewer resources. Supply chain disruptions and rising costs continue to put pressure on procurement teams to be agile and data-driven.
Shopery’s procurement platform helps procurement teams improve operational efficiency through automation. The platform’s centralized RFQ management, and intelligent bid comparisons enable teams to make faster, more informed decisions. By automating routine tasks procurement teams can maintain strong cost control without sacrificing quality. In 2024 the platform is evolving to integrate real-time pricing data and advanced analytics for even more precise decision making.
The 2023 Deloitte survey highlights that 72% of CPOs prioritize enhancing sustainability and ESG (Environmental, Social, and Governance) standards. However, tracking compliance and ensuring supplier sustainability can be daunting, especially when managing multiple suppliers globally.
Shopery’s procurement platform simplifies this process by integrating custom data fields directly in the onboarding flow for collecting and storing any supplier certifications and tracking sustainability metrics. Procurement teams can monitor whether suppliers meet specific ESG goals, trace the origin of commodities, and ensure ethical sourcing, particularly for industries like agriculture and mining where sustainability is critical.
With 72% of CPOs placing digital transformation as a top priority, it’s clear that procurement teams are recognizing the need for robust digital tools. Digital procurement platforms provide much-needed efficiency, transparency, and data-driven decision-making to address today’s challenges.
Shopery’s platform is API-first, making it highly adaptable to existing systems like ERP, PIM, and SAP. This allows procurement teams to seamlessly integrate procurement processes with other systems, reducing silos and improving data visibility. Centralized catalogs give teams access to historical data, simplifying decision-making and reducing manual input errors.
Supplier collaboration is key to delivering value in 2023, with 61% of CPOs emphasizing the need for greater engagement with suppliers. Maintaining strong relationships with suppliers not only improves performance but also enhances procurement agility in the face of market changes. To manage these relationships effectively, procurement teams need digital tools that simplify complex decision-making and enhance transparency.
Shopery enables streamlined supplier onboarding and integrates approval workflows to ensure compliance with company policies. Its user-friendly platform offers suppliers all the necessary tools to manage their company information, control permission-based access to different parts of the platform, and access agreements and contracts generated from past events. This self-service capability improves supplier confidence and reliability on the platform by providing them with full control over their data and interactions.
With Shopery’s intelligent bid comparison features, procurement teams can compare supplier offers side-by-side, even when bids include different cost structures or additional buyer costs. This feature is particularly valuable in complex RFQ events involving multiple lots or suppliers, helping businesses make quicker and more informed decisions. The platform’s transparency and accessibility foster stronger supplier relationships, which are essential for driving long-term value and collaboration.
The findings from Deloitte’s 2023 CPO Survey make it clear that procurement is no longer just about cost-cutting. Operational efficiency, sustainability, and digital transformation are crucial for procurement teams looking to succeed in the modern business landscape.
At Shopery, we provide the tools to help companies navigate these challenges. From managing RFQs to tracking ESG compliance and integrating seamlessly with your existing systems, our platform is designed to future-proof your procurement operations.
Contact Shopery today to schedule a free demo and discover how our platform can help your company drive efficiency, sustainability, and risk management.
This guide will enable new marketplace businesses to minimise the risks involved with launching their projects and will boost the chances of success for your new marketplace. It’s crafted by the Customer Success team at Shopery, made up of e-commerce experts that have supported dozens of clients on the journey to the success of their marketplaces.
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