One of the most fascinating trends for me to watch over the last several years has been the growing influence of chief procurement officers (CPOs) in travel and meetings and event management. They’ve brought tremendous improvements to our industry with their focus on:
- cutting costs
- maximizing supplier relationships
- proving return on investment of travel and events
- mitigating risk
Now, new evidence shows that their influence in travel and events remains strong. And, over the next three years, these professionals will continue to focus on achieving savings, efficiencies and compliance.
Last week, in a webinar, “CPO Rising 2014: Convergence,” Andrew Bartolini, Chief Research Officer at Ardent Partners, unveiled results of a new study of 273 CPOs and other procurement executives from mostly large organizations. Some findings:
- 57% of CPOs are involved in supply risk management;
- 52% are involved in managing travel;
- 24% have converged into managing meetings and events.
Here are CPOs’ top priorities over the next three years:
- 43% want to focus on increasing savings;
- 36% will aim for improving processes;
- 32% will tighten up compliance.
As many of you may know, I've spent many years working in procurement organizations. And I’m personally heartened and encouraged to see that CPOs continue to focus on the last great expense management frontier: unmanaged travel and meetings spend. What a great webinar!
If you haven’t already sought out the expertise from your procurement executives, I encourage you to do so in 2014! The rewards will be great. And, if you're contemplating who your SMMP executive sponsor should be, a CPO isn't a bad option.
Check out these additional blog posts on procurement in travel and meetings: