As we are wrapping up the last quarter of 2022, many of us start to think about what 2023 has in hold for our organization and for our team. 2022 has been focused on the lingering Covid-19 effects, remote vs. in-the-office work, talent shortage, uncertainty in the supply chain for certain categories and of course — the dreaded inflation.
The good news for procurement is that during uncertainty and potential recessionary markets, procurement is in high demand. During 2020 and 2021, procurement was in very high demand in most organizations to help manage risk, cutbacks, and revise contracts to meet slower demand. The old-school cost savings procurement individual was seen as a hero. In 2022, we saw marketing come back quite significantly and agency partners have reported record revenue growth — from a low base — and larger profits. Publicis announced extra-ordinary bonuses this week due to such high earnings.
In 2023, we believe the strategic procurement individual will be our rock stars. In marketing procurement, the individuals who can build strong relationships with their internal stakeholders — including marketing, finance, legal and the c-suite will be successful at executing the large and small marketing procurement projects to demonstrate value to their organization — and thereby become a trusted advisor to the stakeholders. We see a couple of areas where marketing procurement should focus their efforts in Q4 2022 and 2023.
