The most valuable resource that procurement possesses is undoubtedly its talented workforce. It is important to recognize that staffing decisions play a critical role in achieving procurement goals and objectives. However, CPOs frequently note that attracting and retaining top talent is a chronic challenge. A 2022 Ernst & Young survey of CPO’s revealed that 44% of respondents confirmed that the market is not able to provide them with their required talent, yet 68% confirmed that their procurement function has taken on increasing importance and a more strategic role in their organizations.
Over the last several years, procurement departments have experienced a considerable rise in staff turnover and migration away from procurement roles. This has led to fierce competition for talent on a global scale but only a negligible 3% of respondents in the aforementioned survey revealed their intention to prioritize recruitment efforts for procurement. With staffing concerns taking such low precedence, how can procurement operations run smoothly without the right personnel in place?
The answer lies, unsurprisingly, in technology adoption.
Technology can be a game-changer in times of staffing shortages. While procurement leaders must prioritize building a team equipped with the cutting-edge expertise needed to thrive in today’s unpredictable landscape, they can also build a greater capacity for resilience during staffing shortages through technology adoption. Digitizing processes with the help of procurement software automates routine tasks, frees up resources and allows staff to focus on more complex decisions and strategic activities that require human expertise. For example, companies can automate laborious processes such as purchase order requisitions, reduce errors and increase speed to market without the need for additional staffing.
Spend Management solutions like those offered by Simfoni provide businesses with the tools necessary to streamline procurement functions while leaving human staff free to tackle more complex tasks that add value and strategic vision. But the adoption of technology is not just a temporary solution to the staffing challenge. Simfoni’s spend management tools come with a team of procurement experts who work alongside your internal staff to build new capabilities and improve existing ones, ensuring long-term resilience for the organization. And this level of support is ongoing, ensuring companies can adapt and evolve as the procurement landscape continues to shift, and your company needs evolve. Simfoni customers have likened it to having a dedicated procurement team on call, providing peace of mind and renewed focus to tackle today’s most pressing challenges.
Read More:- Guide to Procurement Software
It’s this powerful combination of cutting-edge, yet easy-to-use procurement technology, backed by human procurement experts, that helps businesses not only mitigate staffing deficiencies but actually increase efficiency, improve decision-making, and build a stronger foundation of resilience for the future.
Don’t let a shortage of talent stop you from realizing your strategic procurement goals. Schedule a consultation with Simfoni today and see how we can help you build a resilient procurement function.