What is a Fractional Chief Procurement Officer?

The role can be a part-time executive level role within the company and are well suited to scenario where the organisation doesn’t need a full time position, or a larger enterprise that would benefit from focused expertise on a specific project or sector.  

Having a Fractional Chief Procurement Officer can be more effective for a growing company if their structure would struggle to support another full time executive role. 

Some consultancies offer a Fractional CPO services to allow businesses to bring in experienced procurement professionals.

What are the key benefits of a Fractional Chief Procurement Officer ?

Lockerbie & Co, who are procurement consulting company that specialises in providing strategic procurement solutions, have broken down the five key benefits of a Fractional CPO service:

1. Strategic Procurement Expertise: Our experienced CPOs will work closely with your team to develop and implement a customised procurement strategy aligned with your business goals.
2. Cost Savings: We will identify cost-saving opportunities, negotiate favourable contracts, and optimise supplier relationships to maximise your procurement ROI.
3. Supplier Management: Our experts will help you build and manage robust supplier relationships, ensuring a reliable and efficient supply chain.
4. Risk Mitigation: We'll assess and address potential risks in your procurement processes, enhancing your organisation's resilience to disruptions.
5. Flexibility: Our fractional approach allows you to scale procurement leadership up or down as your business needs change.

How to appoint a Fractional Chief Procurement Officer

Exec Capital, who  are a exec-level recruitment specialist, have recently assembled eight key steps to recruiting a Fractional Chief Procurement or Purchasing Officer.

1. Needs Assessment: Determine the specific needs and goals of the organisation in terms of procurement and purchasing leadership. Identify the skills, experience, and expertise required for the role.
2. Job Description: Create a detailed job description outlining the responsibilities, qualifications, and expectations for the Fractional CPO role. This may include defining the duration of the position (e.g., part-time, temporary, or project-based).
3. Search and Networking: Use various channels to search for potential candidates, including industry networks, executive search firms, job boards, and referrals. Networking within the procurement and supply chain industry can be especially valuable.
4. Screening and Interviews: Conduct interviews and assessments to evaluate candidates’ qualifications, experience, and cultural fit with the organisation. Look for candidates with a proven track record in procurement and leadership.
5. Selection: Choose the candidate who best aligns with the organisation’s needs and goals. Negotiate terms of the engagement, including compensation, duration, and specific deliverables.
6. Onboarding: Integrate the Fractional CPO into the organisation, providing access to necessary resources, information, and systems. Clarify their role and expectations.
7. Performance Management: Monitor the Fractional CPO’s performance throughout the engagement, assessing their progress and ensuring they meet their objectives.
8. Transition or Extension: Determine whether the Fractional CPO’s engagement will be extended if the need persists or phased out if their role is no longer required.

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For more insights into Procurement & Supply Chain - check out the latest edition of Procurement Magazine and be sure to follow us on LinkedIn & Twitter

Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine

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