The skills and experience needed to succeed in the new procurement landscape are evolving faster than team development can keep up.
People are the foundation for procurement’s success today and in the future but the challenge of getting the expertise teams need when and where they need it continues to persist. Our recent survey of retail and restaurant procurement professionals found gaps in team sourcing and procurement expertise is one of the biggest challenges facing teams today (cited by 41% of survey respondents). When asked to identify which specific skills are in highest demand:
- 54% of those surveyed indicated data and analytical skills
- 43% said supplier relations
- 41% identified category expertise
- 41% said financial skills
- 40% said negotiation skills
- 37% noted innovation and collaboration skills
As procurement moves from a tactical function to a strategic business partner, leaders need a variety of skills applicable across the business that will help the procurement organisation drive value, improvements and meet expectations across all critical areas. A role that once relied on technical and practice-specific knowledge now requires a well-rounded set of hard and soft skills; from data analytics and financial knowledge to negotiation skills and the ability and willingness to collaborate and innovate.