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Kearney: The power of third-party economics

Results from the 2020 Assessment of Excellence in Procurement Survey

During the initial shock of the COVID-19 pandemic (Q2–Q3 2020), a relative handful of companies grew revenues twice as fast as their industry peers while sustaining vastly higher total shareholder returns and accelerating their drive toward longer-term strategic goals.

What sets them apart? Strategic command of third-party spend. How do we know? Kearney has conducted benchmark research for three decades, including our 2020 global study which analyzed 370 companies, all with at least $2 billion annual revenues. The latest findings show that a highly developed enterprise capability—marked by a strong strategic alignment of business leadership, the finance organization, and the supply chain—delivered extraordinary resilience, sustained competitive advantage, and strikingly superior earnings performance in a historically tumultuous environment (see sidebar: How competitive is your third-party spend?).

  • Third-party economics
  • Strugglers subsidize leaders
  • A digitally empowered world
  • Agile approaches
  • Strategic supplier engagement
  • Invite comparison

 

Read the full article here.

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