Economic fluctuations have dramatically accelerated since the 2008/2009 crisis. Business cycles have shortened, and the amplitudes of the ups and downs have widened. The risk of a Euro-Zone breakup weighs heavily on the world economy. Nevertheless, leading European companies are well prepared to face the challenges and to embrace the opportunities of rapidly changing markets. Their focus is on boosting competitiveness, improving cash flow and driving innovations. This is exactly where procurement plays a key role: CPOs have to align corporate strategies, strengthen the balance sheets and support innovation and growth in close cooperation with their supply chain partners. To make this happen, CPOs need to master the volatility of the commodity markets, strengthen their supply chains and enhance procurement capabilities as well as empower the procurement organization.