3 Ways Procurement Can Defend its Value
Procurement Leaders invites SpendHQ’s Jake Wojcik to share the three ways procurement can defend its value and become innovators of change.
With the ever-increasing theme of automation and digitalization in procurement, it has become increasingly important for organizations to invest in technology to enhance the function’s key operational processes including analytics, source-to-contract, procure-to-pay, and manage-and-control. These solutions enable organizations to optimize the operational aspects of procurement and can also help defend value that the function promised to deliver.
Activity for activity’s sake?
Procurement leaders are charged with deciding when and how to implement new systems, processes, organizational structures, governance models, and so on. At the end of the day, however, if they are not starting with a data-oriented approach they can find themselves buried in automating tactical processes as opposed to maximizing business impact and meaningful EBITDA impact. As an example tied to strategic sourcing, procurement executives run the risk of simply running a sourcing event to receive the lowest-cost provider, not the highest-value provider – ultimately impacting business functions throughout the organization, not just procurement.
How do you develop an environment where you have clear visibility into where procurement savings are generated and delivered? How can you ensure that you not only will achieve those promised savings but will sustain them?
Learn how procurement can usually deliver 70% of its value by getting these 3 strategies in place by reading the blog in full here.