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Survey: 86% of chief procurement officers are leading sustainability decisions

Icertis study shows rising profile of procurement leaders in cost reduction, supply chain risk, technology adoption

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DC Velocity Staff
By DC Velocity StaffJan 18, 2024
DC Velocity Staff
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Nearly nine in ten procurement leaders are spearheading their companies’ sustainability initiatives, according to a survey from Icertis, a Bellevue, Washington-based provider of AI-powered contract lifecycle management (CLM) software.

Overall, the survey uncovers the transformation of Chief Procurement Officers (CPOs) into key influencers shaping company strategies and the role of AI in navigating challenges and opportunities related to procurement processes, technology implementations, and sustainability initiatives, Icertis said.

The data comes from its annual ProcureCon CPO report based on research undertaken by WBR Insights. Survey respondents included supply chain, procurement, and risk management leaders from companies across the U.S. and Canada in industry sectors spanning manufacturing, pharmaceutical, aerospace, and automotive.

Specifically, the survey showed that 86% of CPOs play a moderate-to-large role in driving sustainability decisions, with 46% prioritizing environmental, sustainability, and governance (ESG) and sustainability goals in 2024. And 43% of procurement leaders are enhancing capabilities to extract and interpret ESG metrics from data.

In other findings, more than half of procurement officers are prioritizing cost reduction, and 46% are focused on proactive mitigation of supply chain risk, indicating an emphasis on streamlining operations to protect business outcomes and impact the bottom line. CPOs are also at the forefront of technology adoption and AI initiatives, with 44%  of CPOs having led AI adoption efforts in the past 12 months.

“Especially in times of volatility and change, the organizational significance of the procurement department continues to grow, spanning contract creation and approvals to surfacing untapped savings, avoiding missed obligations, and ensuring ongoing compliance throughout supplier relationships,” Bernadette Bulacan, Icertis’ chief evangelist, said in a release. “As the global regulatory landscape undergoes dynamic changes and businesses grapple with challenges like supply chain disruptions, inflation, ESG audits, and market volatility, the expectations of CPOs have never been higher. This is a pivotal moment for procurement leaders to assert their influence, steering the organization and shaping business-critical initiatives with AI technology, particularly in contract management.”
 

 

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