The construction industry is a highly competitive market where success hinges on efficient operations, cost control, and effective management. Faced with pressure from recent disruptions such as Covid, lengthy supply chain issues, to battling the surging prices of manufacturing costs, the industry is now facing a long-term “reckoning” as rising costs and interest rates bite, with the latest figures from the corporate regulator showing a jump in collapses in the Australian sector.
Additionally, construction has a major role to play in achieving global sustainability goals. As an industry, construction is directly responsible for approximately 40 percent of CO2 emissions and indirectly responsible for 25 percent of all greenhouse-gas (GHG) emissions.
Construction companies are now doubling down on procurement as a key driver of improving profitability and navigating uncertainty.
As the main interface with the construction value chain, the procurement function will need to excel in its dual mission of improving profitability in a volatile environment and meeting sustainability targets. In doing so, procurement will be elevated to new heights as it emerges as a strategic function.
The Construction Procurement Summit will explore how procurement can deliver on its mission of improving profitability, reducing risk and driving decarbonisation and highlight the strategies, partnerships and technologies chief procurement officers (CPOs) can use to achieve success.
