Most will agree that the main role of procurement is to ensure that the best possible deal is made and that the company is spending its money wisely while ensuring full visibility of what and how much each business unit is spending.

Large companies with operations in the European Union could start being held responsible for environmental violations or human rights abuses committed by the business and their supply chains under a new law proposed in late February by the European Commission.

Regardless of industry, organisations face common challenges when it comes to achieving the best possible savings along with making a robust strategic spending plan. Fragmenting spending between direct and indirect, among multiple locations, categories, departments, and units is not easy and can make the job of capturing new savings opportunities much harder.

While the past two years showed procurement and supply chain professionals that disruption can appear fast and without warning, 2022 has so far been one heavy on planning and preparedness as companies begin to build back.

A recent report conducted by Accenture among supply chain leaders revealed that when it comes to being advanced in terms of technology, talent and processes, only 4% of organisations meet this level – and only 34% are expected to reach the future-ready status by the end of 2023.

Much is said about how good supplier data can help procurement make better decisions, negotiate more favourable pricing, and help avoid possible risks and disruptions in the supply chain, but how does bad supplier data affect the supply chain?

To be competitive and efficient in today's market it goes without saying that adopting automation in some guise is almost now a prerequisite.

During the past year, the need for more resilient supplier networks has steadily risen to the top of every CPO's importance list.

In early 2021, IHS Markit conducted a survey with procurement professionals under the title 2021 Supply Chain Insights Global Survey , revealing that "supply chain professionals often lack the tools, data, and platforms needed to diversify their supply chains and optimise their processes."