Opportunities for procurement in uncertain times

Asia Perspectives by Economist Impact

Against a backdrop of economic headwinds, peaking inflation and ongoing geopolitical tension, the world looks uncertain for business and particularly for procurement. Whilst the Economist Intelligence Unit is forecasting global inflation and supply chain disruptions to ease over the year, they also expect supply chain diversification to remain front of mind for business. These conditions create opportunities for procurement as a function to redefine, refine and progress. However, this may not be an easy task.

A 2023 Economist Impact survey, sponsored by SAP, shows that the majority of C-suite executives have relatively low levels of confidence in procurement’s ability to effectively work with the rest of the business to deliver on the company’s strategic objectives. Though, the same C-level executives believe that the procurement function is at the centre of a business’ ability to effectively manage risk. Drawing on the expertise of Baber Farooq, Lisa Martin and Kelly Barner, Elizabeth Mackie will dive into the detail of the opportunities these changing global dynamics are creating for procurement to answer the following questions:

• What are the impacts of global disruptions, such as inflation and geopolitical tensions on procurement, and why does this matter?
• Do opportunities exist from this disruption? If so, where are they and what needs to be done for procurement to capitalise on them?
• With more ambitious ESG objectives becoming the rule rather than the exception, what opportunities exist for procurement from a greater focus on ESG and decarbonisation?
• What does all of this mean for the rest of the business?

"Opportunities for procurement in uncertain times" is a podcast series supported by SAP.

This episode is hosted by Elizabeth Mackie, Senior Manager, Trade at Economist Impact.

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