86% of Procurement Leaders Champion Sustainability

Published on:
by KnowESG
KnowESG_86% of Procurement Leaders Champion Sustainability
Image courtesy of Icertis

Icertis, a company focused on contract intelligence and managing contracts, recently released the ProcureCon CPO report for 2024.

This report, based on research by WBR Insights, looks into the changing role of Chief Procurement Officers (CPOs) as influencers in company strategies and the impact of artificial intelligence (AI) on procurement, technology, and sustainability.

The findings are from leaders in supply chain, procurement, and risk management across various industries in the U.S. and Canada. Key takeaways include the increasing influence of CPOs in high-level decision-making, with 46% now having more say than two years ago. They are prioritising cost reduction and proactive supply chain risk mitigation to streamline operations.

The report also highlights CPOs taking the lead in adopting technology and AI, with 44% leading AI adoption in the past year. There's a growing need for improved contract management capabilities, providing an opportunity for CPOs to use AI in contract processes.

In terms of sustainability, the report shows that 86% of CPOs play a significant role in driving sustainability decisions, with 46% focusing on ESG goals in 2024. About 43% are enhancing capabilities to use AI-powered contract intelligence for decision-making.

Bernadette Bulacan, Chief Evangelist at Icertis, stresses the rising importance of procurement departments during changes and uncertainties. CPOs are now expected to navigate dynamic regulatory changes and business challenges, making it a crucial time for them to shape initiatives using AI, especially in contract management.

For a more in-depth understanding, you can download the full 2024 Annual ProcureCon CPO Report.

For more social and governance news

Discover an extensive network of ESG providers here

To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.

Source: Icertis

Share:
esg
esg
esg
esg

Social Governance Headlines

Fieldfisher Hires ESG Expert Nicole Bigby as Director

Fieldfisher Hires ESG Expert Nicole Bigby as Director

Health & Planet Focus: Philips' 2023 Report

Health & Planet Focus: Philips' 2023 Report

Investec Appoints ESG Head for Alt Investments

Deloitte, Partners Team Up to Simplify ESG Compliance

Olaf Schatteman Joins ERM as Sustainable Lead

TÜV NORD Launches ESG Certification for Raw Materials

Sophie Graham Named IFS Chief Sustainability Officer

Go Green, Get Hired: 2024's Top ESG Jobs

Hillenbrand, Coca-Cola, Net Impact: 2nd Plastic Contest

Walmart & Communities: Building a Net-Zero Future