How a Mastery of Procurement Data Analytics Can Make You a C-Suite Leader.

How to Succeed Amid Conflicting C-Suite Views.

Your C-Suite colleagues are facing ever more complex decisions to navigate through some tough economic times and increasing demands by consumers and government on the way you do business as much as the products you provide. Various players around the C-suite table may have conflicting views about the way forward.  From your position in the procurement trenches you have an opportunity to take a leadership position in that process through skilled use of powerful data analytic tools.  

Here’s how to find a way in, and a way to find a winning position by leveraging data analytics.  Remember I said data analytics, not data.

Reasons for C-Suite Conflicting Views?

Let’s start by understanding some of the key decision-making areas facing the C-Suite and source of conflicting views. 

  1. Strategic direction

C-suite executives may have different ideas about the direction the company should take, which can lead to conflicts over which initiatives to pursue and how to allocate resources.

  • Resource allocation

Decisions around resource allocation, including budgeting and staffing, can be a source of conflict when executives have different priorities or competing interests.

  • Performance metrics

Executives may have different views on which metrics are most important for measuring success and may have disagreements over how to measure performance.

  • Leadership style

Different executives may have varying leadership styles, which can cause friction and conflict around decision-making, communication, and collaboration.

  • Corporate culture

C-suite executives may have different views on the company’s culture and values, which can lead to conflict over how to manage employees, interact with customers, and make business decisions.

  • Mergers and acquisitions

M&A activities can be a significant source of conflict at the C-suite level, as executives may have differing opinions on which companies to acquire, how much to pay, and how to integrate new businesses into the existing organisation.

  • Risk tolerance

Executives may have different risk tolerance levels, which can lead to conflict over investment decisions, expansion plans, and other business activities.

  • Succession planning

Conflicts may arise when executives have different ideas about who should succeed them in leadership roles and how to prepare the organisation for future leadership transitions.

Good quality procurement data analytics to the rescue

Knowing how to leverage good quality procurement data analytics can help procurement leaders resolve conflicts, move the business towards greater success.  Someone who has the facts at their fingertips and has the trust of the C-suite that the data can be relied upon, is sure to have greater power.  Here’s how.

  • Objective decision-making

Good quality data analytics provides an objective basis for decision-making, helping executives to evaluate options based on verifiable facts rather than subjective opinions or preferences.

  • Consistent metrics

Quality data analytics ensures that executives are using consistent metrics to evaluate performance and progress towards goals. This reduces the risk of disagreements and conflicts over which metrics are most important or how to measure success.

  • Improved forecasting

Accurate data helps executives to make more accurate forecasts about future performance and market trends. This can reduce the risk of conflicts over resource allocation or strategic direction, as executives have a clearer understanding of the business environment and can make more informed decisions about where to invest resources.

  • Better risk management

Quality data analytics can help executives to identify and manage risks more effectively, reducing the potential for conflicts over risk tolerance and investment decisions.

  • Enhanced collaboration

Access to quality data analytics can facilitate collaboration among executives, as they can share information and insights more easily. This can reduce the potential for conflicts over decision-making and resource allocation, as executives have a more complete picture of the business environment and can work together more effectively to achieve shared goals.

  • Improved communication

Good quality data supports more effective communication among executives, as they can discuss issues and opportunities based on verifiable facts and metrics. This can help to reduce misunderstandings and conflicts arising from different interpretations of data or differing opinions on which metrics are most important.

Getting Into the Game: How to get the ear of C-Suite Executive

If you’re not in the C-Suite conversion here is how data analytics might get you some attention on topics dear to their hearts.

  • Strategy and Business Planning

Procurement can provide input on supply chain strategy and how procurement can support the organisation’s overall business goals. Data analytics can provide insights into supplier performance, market trends, and spend patterns to inform decision-making and identify opportunities for cost savings and risk mitigation.

  • Innovation and Technology

Leverage data analytics to identify emerging trends in supplier innovation and technology adoption. By working closely with suppliers, procurement can support the organisation’s innovation efforts and drive competitive advantage.

  • Corporate Social Responsibility and Compliance

Use data analytics to evaluate suppliers’ environmental, social, and governance (ESG) performance and identify opportunities to improve the organisation’s overall ESG impact. This data can be used to support decision-making around supplier selection and collaboration. Procurement can use data analytics to monitor supplier compliance with relevant laws and regulations. This data can be used to identify potential compliance risks and take proactive steps to mitigate them.

  • Customer Experience

Identify supplier performance metrics that impact the customer experience, such as on-time delivery and quality. By working closely with suppliers to improve performance in these areas, procurement can contribute to a positive customer experience.

  • Crisis Management

Use data analytics to identify supply chain risks and proactively develop contingency plans to mitigate these risks. By working closely with suppliers, procurement can respond quickly to potential crises and minimise their impact on the organisation.

Get Comprara to Help

Comprara are leaders in procurement consulting, procurement data analytics and procurement capability working with many of Australia’s major companies, Governments, and non-profits.  Our expertise and tools can help you gain more ground through enhancements in your procurement processes, data analysis and people skills.  Please reach out for our assistance.  Often an external point of view can bring great clarity to the issues you’re trying to resolve.