New opportunities are coming for organizations to use procurement for a competitive edge and a driver for sustainability impact through innovation and strategic partnerships. However, the complexities of global supply chains and rapidly changing market conditions can make it hard to capture the value available. In this episode of McKinsey Talks Operations, Mauro Erriquez, McKinsey senior partner, and Dominique Lebigot, CPO of LVMH Wines and Spirits, discuss how procurement can drive competitive advantage through innovation and strategic partnerships. They explore challenges such as managing global supply chains and adapting to market shifts, focusing on circular economy practices, and the role of AI. Host Daphne Luchtenberg is also joined by Marc Sommerer, McKinsey partner, to further explore these themes and their impact on procurement. How can procurement teams balance innovation and sustainability with the demands of complex and volatile supply chains? See www.mckinsey.com/privacy-policy for privacy information