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5 steps to future-ready procurement

Five steps to future-ready procurement

The five characteristics of a future-ready procurement function

How future-ready is your procurement team? Procurement has the opportunity to become the orchestrator of supply chains, but until you can demonstrate these five key characteristics, you may not be ready.

How many statements can you answer yes to?

  1. An agile function
    “We have a cross-functional team who continuously monitor and proactively eliminate obstacles to efficiencies. And we have structures in place that can help accelerate implementation, enabling flexible changes to core processes – like replacing a supplier or introducing an open-book policy in the supply chain.”

  2. A new role for procurement
    “Our purchasing and supply managers are empowered with insights to fully understand the results of their work on the end-product and/or service – and on the user and customer. So we can clearly identify the value procurement is adding to the business; gaining respect across the company. It gives procurement more control; enabling our department to advise the business as an internal partner.”

  3. Well managed risk
    “Our structure and processes means that we can make smooth, fast and reliable decisions, even in stressful circumstances or where time is of the essence. These resistant structures protect our company from external shocks, structural breakdowns and disruptions by applying stress tests and supply chain risk management tools.”

  4. Partners as peers
    “We work collaboratively with suppliers – harnessing their brainpower to capture innovation and create an ecosystem – working together to do things differently. With an eye on trends, a clear view of data, and the agility to work closely with our partners, we can ensure success over the short, medium and long term – even in the most uncertain times.”

  5. A global-local balance
    “We procure and employ locally, while also developing and utilizing value creation and ecosystems within our local economy. We don’t replace globalization with localization; we combine both strategies to form an enterprise-specific balance, taking into account economic effects along with cultural and sustainability considerations.”

To find out more read the ebook below or explore our Powered Enterprise pages.

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