Five Technologies for a more agile Procurement Process

Agility is vital to keep every business up and running. Procurement is one of the functions, which requires constant change. Today, procurement teams are expected to play a strategic and tech-enabled role. Before, procurement teams had two focuses: cost reduction and risk mitigation. The advent of automation and cloud services has led to more emphasis…

Best Practices for Managing Strategic Suppliers effectively

Managing strategic suppliers effectively is essential to drive competitive advantage for modern global organizations. The key lies in the ability to extract the best from key partners. The presence of strategic vendors and suppliers is critical to provide products or services that meet your company’s major demand requirements and plays a vital role in your…

Understanding the role of finance to ensure effective strategic planning

Having clear financial goals and metrics allow firms to implement strategy and track success.  Business leaders daily make important financial decisions such as scheduling operations, hiring and firing personnel, preparing a budget, approving a capital investment, or sending an invoice for payment. However, very often those managers do not have the necessary skills to understand…

5 steps to a successful strategic procurement process

The procurement process is not an easy one to handle. Strategic procurement needs the involvement of an entire organization. It necessitates effort from all departments of a company. A strategic procurement team is essential to set the overall direction for procurement, aligned with the business strategy. In fact, a procurement strategy is one of the…

Best practices to encourage procurement savings

The purpose of any organization is to make profits in a sustainable way. Procurement plays an important role in achieving those recurrent profits. One of the most essential factors to consider for achieving the best business results lies in a cost-effective procurement and making savings. The aim of procurement savings are to drive down procurement costs,…

Top Competencies needed by today’s procurement professionals

The Deloitte Global CPO Survey 2016 revealed that some of the main concerns from leaders in the procurement industry were increasing risk levels and a general shortage of skills. Procurement professionals work with suppliers and distributors regularly and therefore need to be able to possess confidence and an awareness of how the industry operates. Besides, the need for staff…

Best practices for managing procurement talent

Today the procurement function is getting increased attention as a key contributor to the overall strategic success of a company. During the past few years, procurement has begun to play an increasingly important role in the strategy of organizations. However, there’s a mismatch between the skills the procurement function needs from its employees and their…