As the critical bridge between the business and its suppliers, procurement is uniquely positioned to capture and help drive revenue-generating ideas. As procurement functions evolve, they will:
Enable business strategies. A thin front line of top-talent procurement thinkers, embedded within the business and with deep knowledge of both leading business practices and supplier capabilities, will collaborate both internally and with key suppliers to find new ways of getting new drugs to market faster. Lengthening the exclusivity period for new blockbusters by just one quarter could realize, on average, $1.4 billion in additional annual revenues.
Deliver value through innovation. By actively scouring the globe for new ideas and insights, procurement’s category strategists will generate incremental value beyond cost reduction..
Enable decision making with digital technologies. Four key types of digital technology—Cloud, real-time analytics, sensors and embedded software, and cognitive systems—will support a more strategic and collaborative procurement function.