Icertis, a company focused on contract intelligence and managing contracts, recently released the ProcureCon CPO report for 2024.

This report, based on research by WBR Insights, looks into the changing role of Chief Procurement Officers (CPOs) as influencers in company strategies and the impact of artificial intelligence (AI) on procurement, technology, and sustainability.

The findings are from leaders in supply chain, procurement, and risk management across various industries in the U.S. and Canada. Key takeaways include the increasing influence of CPOs in high-level decision-making, with 46% now having more say than two years ago. They are prioritising cost reduction and proactive supply chain risk mitigation to streamline operations.

The report also highlights CPOs taking the lead in adopting technology and AI, with 44% leading AI adoption in the past year. There's a growing need for improved contract management capabilities, providing an opportunity for CPOs to use AI in contract processes.

In terms of sustainability, the report shows that 86% of CPOs play a significant role in driving sustainability decisions, with 46% focusing on ESG goals in 2024. About 43% are enhancing capabilities to use AI-powered contract intelligence for decision-making.

Bernadette Bulacan, Chief Evangelist at Icertis, stresses the rising importance of procurement departments during changes and uncertainties. CPOs are now expected to navigate dynamic regulatory changes and business challenges, making it a crucial time for them to shape initiatives using AI, especially in contract management.

For a more in-depth understanding, you can download the full 2024 Annual ProcureCon CPO Report.

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Source: Icertis