Procurement professionals like you really have your skills put to the test. Being responsible for ensuring your organisation gets the right product or service at the best price is a considerable responsibility, and integral to business success.
Constant evaluation of current methods is important – especially in this age of digital transformation. If you hone the following aspects of your procurement policy, you can make all the difference to your procurement success.
- RFP preparation
- Selection process
- Monitor performance
- Close out
Protect your profits
Heard of tail spend? Generally speaking, it covers spend within an organisation that isn't strategically managed. The percentage of total procurement spend that tends to be strategically managed is 80%. The rest generally falls to HR, sales and marketing, finance and IT who often don't have rigorous procurement processes because the size of their purchases is typically low.
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