Summary of Procurement 20/20

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Procurement 20/20 book summary
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Rating

8 Overall

8 Applicability

7 Innovation

8 Style


Recommendation

Today’s chief procurement officers (CPOs) must deal with just-in-time supply chains, ever-evolving tariffs, new sourcing regulations, currency fluctuations, outsourcing, sudden commodities scarcities, synthetic insurance hedges, and much more. McKinsey procurement professionals Peter Spiller, Nicolas Reinecke, Drew Ungerman and Henrique Teixeira discuss the major challenges that CPOs and their organizations face, and detail the best practices to deal with them. In addition to their own experience, the authors base their recommendations on 2,000 interview hours with CPOs and top procurement executives, upward of 1,500 global procurement studies and the close examination of more than 700 procurement organizations. Despite the container loads of insider jargon, getAbstract recommends this exceptional best-practices procurement guide to CEOs, COOs and, of course, CPOs and to all the members of their departments.

In this summary, you will learn

  • What five megatrends affect and disrupt procurement today,
  • How chief procurement officers (CPOs) can address these challenges, and
  • What transformative steps procurement units must take to become world-class operations.
 

About the Authors

McKinsey & Company executives Peter Spiller, Nicolas Reinecke, Drew Ungerman and Henrique Teixeira are purchasing, supply management and sourcing experts.

 

Summary

Tap the Baton: Procurement as Orchestra Director
In today’s volatile business environment, the procurement function, headed by the chief procurement officer (CPO), plays a vital and increasingly responsible role inside the modern corporation. Procurement must employ up-to-date and dynamic...

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