Procurement is starting to get recognition as a major contributor to company growth. In fact, as the economy continues to present a bleak outlook, chief procurement officers (CPOs) are becoming increasingly important members of the boardroom.
Procurement is responsible for both optimising costs and reporting on any savings achieved, and delivering more tangible benefits to the business. These include: negotiating multi-million pound contracts, enabling the introduction of innovative new processes and managing major offshoring operations. But despite the opportunities, there remains a shortage of talented graduates looking to enter the profession.
Initially, procurement may not have the same appeal as a career in law or auditing, but the profession has much to offer today's graduates. Salaries are on par with those in other more prominent sectors, including marketing, finance, IT and human resources, and the increase in board level appointments – up 33% in the USA and 15% in Europe in 2012 – means procurement professionals can reach top positions.
Another benefit is the early exposure to senior level stakeholders. For example, our analysts usually work with stakeholders within weeks or even days of joining 4C. Procurement is very much a sector in which doors are there to be opened and performance, more than seniority, drives career progression.
Procurement can also offer a wide variety of different projects. Some may require a focus on analytics and delivering rapid cost savings, others may call for a more hands-on approach. Examples range from benchmarking marketing agencies to designing more effective supply chains. Working for a consultancy will increase the likelihood of collaborating on a multitude of projects.
The sheer variety of sectors that procurement comes into contact with also makes it appealing for anyone looking for new challenges. Procurement is predominantly outwards focused; you collaborate with individuals from various sectors, gaining a wealth of cross-industry experience. In my career I've managed a range of projects, including major IT outsourcing and procuring cricket scoreboards.
Despite the advantages, procurement is still an extremely challenging career choice. Whether you're dealing with difficult suppliers or working through a company merger, you will be tested. The people who prosper in this industry have strong presentation and analytical skills and can communicate their ideas through a wide range of formats to a variety of stakeholders.
Procurement represents a fantastic choice for graduates looking for a varied and exciting role with great career prospects. This is one of the few sectors where new employees are given the opportunity to prove their worth and take charge of their own projects, from start to finish. The current economic climate has seen an increasing number of businesses turn to their CPOs to deliver growth and improve margins. This recognition will serve to cement procurement's place in the boardroom and increase the profile of those in the sector.
Guy Allen is managing partner at 4C Associates
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