Procurement is no longer just a back-office function. As revealed in Deloitte's Global Chief Procurement Officer (CPO) Survey, it has become a critical driver of business value. The report, which reflects input from hundreds of CPOs worldwide, outlines the challenges, strategic priorities, and performance gaps that define the modern procurement landscape.

1. Cost Reduction Remains a Top Priority

CPOs continue to rank cost savings as the most critical objective. With persistent inflation and supply chain disruptions, reducing spend on indirect materials, consumables, and services is more important than ever.

How Traceit.Live Helps:

• Enables real-time visibility into consumable usage

• Tracks every SKU, asset, and employee-linked item

• Identifies wastage, pilferage, and overstocking

2. Digital Transformation Is Accelerating

According to Deloitte, 72% of CPOs have started or completed digital transformation initiatives. However, adoption of advanced analytics, automation, and spend visibility tools remains limited.

How Traceit.Live Helps:

• Offers a fully digital, no-hardware-needed SaaS platform

• Provides real-time dashboards for inventory and consumption

• Seamlessly tracks materials across locations and users

3. Talent and Capability Gaps Are Holding Teams Back

Only 26% of CPOs feel their teams have the necessary digital skills. This talent gap is slowing the adoption of strategic sourcing and analytics capabilities.

How Traceit.Live Helps:

• Designed to be intuitive for non-technical users

• Requires no IT support or infrastructure

• Implementation and training completed in days, not months

4. Supplier Risk & Compliance Are Growing Concerns

Supplier performance, compliance, and transparency were highlighted as major issues. The need for better supplier onboarding and visibility was echoed throughout the survey.

How Traceit.Live Helps:

• Captures supplier performance data from day one

• Tracks material movement and consumption by supplier

• Enables accountability and traceability across the supply chain

Bottom Line: Deloitte's CPO Survey confirms what leading organizations already know: Procurement is central to business performance. Yet most teams lack the visibility, tools, and time to deliver their full potential.

Traceit.Live bridges that gap—empowering teams to track more, analyze better, and save smarter.

Interested in learning how much you could save? Try our interactive calculator or Apply for Early Access.

Sources:

• Deloitte 2023 Global Chief Procurement Officer Survey (https://www2.deloitte.com)