The Alchemy Club is a global network of senior finance & procurement executives working within the world’s largest and most innovative businesses. We collaborate on the issues our community are facing and bring practical insights and ideas to your challenges. Membership is free and by invitation only. Join us and become part of this global network.
On the 14th June the Alchemy Club will come together for our second roundtable session of 2018. The Club meets regularly to discuss major challenges to decision-makers across the finance & procurement function. Our mission is to give our members a competitive advantage through digital endeavours.
The CPO role today is barely recognisable from the same position 20 years ago. Factors to success used to be solid negotiating skills, a good team and supplier network strength. While those aspects are still incredibly important, a department’s success or failure is increasingly influenced by technology. Much of the traditional procurement function is becoming part of the past and CPOs today therefore oversee crucial innovation, ensuring their team is armed with the best weapons to remain competitive.
Wider automation and the emergence of intelligent technologies will further alter the role of the CPO. More responsibility for the traditional day-to-day responsibilities will go to the budget holders, aided by machine learning technology such as guided buying. More processes are being automated, leading to a smaller need for human intervention and reducing human error to practically nil. And there is increased price transparency, with firms using networks like AWS to get market intelligence, thus reducing the need for negotiation.
All these technologies mean increased efficiency and we assume that will leave the higher value, more strategic work for procurement. But do we understand what that new role will look like? Have we got the right people to deliver that value? And beyond people, do we have the right tools, data and information?
If these are questions you want to address, join us. We’re meeting at Covent Garden Hotel on the 14th June, 6:30pm, for a private, chaired and peer-led dinner discussion, where we’ll be asking:
6:30pm Networking Drinks
7:00pm Chaired Debate
8:00pm 3-Course Dinner & Table Discussions
9:00pm Networking, Coffee & Desserts
If you’re interested in hearing others’ experiences of the pitfalls, pressures and opportunities presented by emerging technology, we’d be delighted for you to join us. For further information, please contact firstname.lastname@example.org