Build ecosystem relationships
The operations maturity journey is a marathon, not a sprint. But staying on course has clear rewards. Our analysis reveals that even a one-position climb in operations maturity can lead to a projected 17% increase in global profits.
Building ecosystem relationships is a powerful way to leapfrog levels. The old adage of “don’t go it alone” certainly applies. Working with partners allows organizations to act fast, tapping into existing capabilities, resources and networks without building them themselves. Procurement executives are seeing the business embrace this strategy.
CPOs are natural ecosystem builders who interact with two kinds of ecosystems every day.
- Supplier ecosystem: The company’s brand, finances, risk profile and innovation potential are all connected to this network, making procurement a critical gatekeeper. CPOs should manage the supplier base responsibly to understand product origins and supply risk in areas such as human trafficking, child labor, pollution and corruption.
- Provider network: These specialized partners provide the technology tools, data, analytics know-how and insights to help procurement improve how it works and address specific business needs. They make investments in cutting-edge capabilities and provide top skills that procurement can tap into to deliver outcomes at speed.
Slow and steady can't win this race
Fast-track your journey to operational maturity and take advantage of transformational value—increase performance in efficiency and profitability, improve innovation, strengthen ecosystems and deliver excellent customer and employee experiences. Discover more in our main global research.