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:
- 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.
- Cost Savings: We will identify cost-saving opportunities, negotiate favourable contracts, and optimise supplier relationships to maximise your procurement ROI.
- Supplier Management: Our experts will help you build and manage robust supplier relationships, ensuring a reliable and efficient supply chain.
- Risk Mitigation: We'll assess and address potential risks in your procurement processes, enhancing your organisation's resilience to disruptions.
- 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.
- 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.
- 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).
- 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.
- 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.
- 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.
- Onboarding: Integrate the Fractional CPO into the organisation, providing access to necessary resources, information, and systems. Clarify their role and expectations.
- Performance Management: Monitor the Fractional CPO’s performance throughout the engagement, assessing their progress and ensuring they meet their objectives.
- 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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