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The Six Distinctions of Procurement
GREATEST
PROCUREMENT
PRACTICES
GREAT PROCUREMENT
is not just about savings.
It’s being a partner. It’s shaping strategies, driving the big decisions, inspiring innovation. It’s a set of practices that we can all aspire to. So we’re helping define those practices today. Your aspirations are our aspirations.
We have worked with hundreds of CPOs, CFOs and C-suite leaders observing the traits and persistence of those who drive exceptional procurement. Together, they represent the DNA of CPOs across the globe, shining a light on the hallmarks of excellence and the challenges that keep you up at night.
Your aspirations are our aspirations.
These six distinctions will help you raise the
profile of procurement in your organization, and
more importantly, give you the inspiration to
deliver exceptional outcomes.
These six distinctions will help you raise the profile of procurement in your organization, and more importantly, give you the inspiration to deliver exceptional outcomes.
Great procurement relentlessly pursues measurable
financial impact
This is the bottom line. Optimizing and pursuing every ounce of value. It starts with strategically influencing the vast majority of spend. You can’t drive value if the pie is too small. Next, it’s about maximizing the value of that spend—not just driving the lowest price, but reducing demand. In the end, it’s about getting the best price and solution, and ensuring this value is achieved, not lost, in execution.
This is the bottom line. Optimizing and pursuing every ounce of value. It starts with strategically influencing the vast majority of spend. You can’t drive value if the pie is too small. Next, it’s about maximizing the value of that spend—not just driving the lowest price, but reducing demand. In the end, it’s about getting the best price and solution, and ensuring this value is achieved, not lost, in execution.
It's about getting the best price and solution
It's about getting the best price and solution
Great procurement enables strategic business
objectives
Your spend strategy is more than just savings goals
Be the go-to resource. Build a reputation for yourself as a critical contributor that enables strategic objectives. You’ll be a key synergist for mergers and will spur innovation by tapping up the right suppliers and partners. Your spend strategy is more than just savings goals, but also includes sustainability metrics such as carbon footprint and recyclability.
Great procurement
protects the organization
from risk
You’re a shield for the organization. You have a vigilant 360 degree process, assessing and quantifying risk at every step. You have safeguards in place for supplier fraud and failure, non-compliance and reputational risk.
Great procurement is proactively embraced by business functions
Working seamlessly with other stakeholders will place you in a pivotal position
Your knowledge knows no bounds. With a thorough understanding of other business functions, you’re able to prove yourself a critical business partner by factoring in their needs too. Working seamlessly and collaboratively with other stakeholders, and even informing new strategies in their disciplines, will place you in a pivotal position.
Great procurement brings powerful insights and analytics to inform decisions
You’re fully quantified. You use analytics tools across categories, compliance, payments and supplier metrics to bring eagle-eye visibility to the organization. You’re able to analyze spend data to drive maximum savings, identify new opportunities and informed conversations.
Great procurement digitally drives automation, efficiency, agility & speed
You’re digital. Your process is automated, adaptive and well-protected through an end-to-end suite of technologies. You’re minimizing human error, improving compliance and real-time visibility. You’re making in-roads into personalized, contextual experiences. Ultimately, you’re using innovation technologies to exercise full control over procurement.
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