Six Best Practices for Elevating Procurement at Your Organization

Six Best Practices for Elevating Procurement at Your Organization Among the countless insights to emerge in this era of sudden and accelerating digital transformation, Your enterprise may have experiencED the fragility of a supplier ecosystem that’s easily disruptED by unprEDictable events. With Your critical suppliers so fully integratED into Your operations, rethinking Your procurement and […]

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Six Best Practices for Elevating Procurement at Your Organization

Among the countless insights to emerge in this era of sudden and accelerating digital transformation, your enterprise may have experienced the fragility of a supplier ecosystem that’s ely disrupted by unpictable events.

With your critical suppliers so fully integrated into your operations, rethinking your procurement and spend agement practices and adopting cloud-based technology can help bring business advantages to your organization.

High-performing procurement organizations are driving enterprise growth and resilience by facilitating internal collaboration with stakeholders, identifying new sourcing opportunities, strengthening organizational agility and efficiency, and ucing risks and costs.

Key Steps to Take

To help your organization achieve the full potential of a high-performing procurement organization, adopting a start-up mentality tod changing your spend agement processes and tools may be a rich opportunity for growth.

Regardless of where you are on your journey to high-performing procurement, a time to consider implementing six procurement best practices:

Adopting the Right Procurement Tools

Forty-five of respondents to a recent Harvard Business Review Analytic Services study report that the pandemic is accelerating the automation of the procurement process. In fact, enterprises that responded to the pandemic by accelerating the digitization of once-disjointed and risk-prone procurement processes may be starting to see the advantages of incorporating real-time insights into sourcing projects and perforce.

Connecting procurement, stakeholders, finance, and suppliers with easy-to-use cloud-native spend-agement technology can drive several immediate business results:

Your Future of Procurement

In an unpictable and rapidly changing environment, the ability to compete may depend on aging your enterprise spend by automating your sourcing processes and information to help you boost your agility, visibility, and digital connectivity.

An organization’s procurement practice can help offer competitive advantages by embracing new processes and adopting new technologies that give it a greater strategic role, helping you improve your offerings and your suppliers’ capabilities.

Beyond greater financial opportunities, procurement leaders using new tools and processes can introduce other advantages to your business, such as environmental stedship and enterprise resilience. And adopting technology that automates transactional work can free your organization’s employees to forge new supplier partnerships, re-er products, and build a new model for sourcing and procurement processes and relationships.

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Six Best Practices for Elevating Procurement at Your Organization


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