Procurement is not just about savings anymore.
Your Path to Procurement Transformation
To remain effective, procurement teams must rethink their purpose.
Saving money is still critical, of course, but there’s more to the job.
In today’s global economy, procurement can no longer be the business function relegated to the back office where the focus is only on cutting costs and pushing papers through the process.
These days, procurement plays a vital role in an organization’s overall strategy. Indeed, its transformation is critical in a fast-paced world where institutions face tightening budgets, growing mandates, increasing scrutiny, new risks and complex needs.
With online, digital and mobile shopping options at their fingertips, an organization’s buyers have more opportunities to go rogue, increasing the potential for waste and fraud. As calls for collaboration with local businesses grow, there are always new and changing requirements to check off. And, with the need for creative ways to save time and money, there are ever more options to contemplate.
Paper-based manual processes that leave binders stuffed with contracts, filing cabinets overflowing with purchase orders and bids lost in piles on cluttered desks just aren’t effective anymore.
A change is required - and there is opportunity for improvement regardless of the role procurement plays in a particular organization. Some procurement teams have the benefit of leaders who support innovation. Others play a less prominent part, but that doesn’t mean they can’t make a difference.
Wherever procurement is in your organization, to remain effective, teams must rethink their purpose. Saving money is still critical, of course, but there’s more to the job.