Identifying the right suppliers is a core activity of Procurement departments, so it’s no surprise that many departments are highly influential in this task.
However, these figures suggest that some organisations are struggling to influence supplier selection affecting vast swathes of their spend. They can go so far...but no further.
event is an opportunity to save money, mitigate risk and obtain the best possible overall value. Procurement understands this better than anyone else.
But without the right tools, selecting suppliers can become difficult or incredibly labour-intensive. So, while many Procurement teams are succeeding in this area, their best people may be too heavily involved in the detail — and therefore taken away from other tasks that also need focus.
Why does this matter?
Procurement departments need to achieve best value by selecting suppliers using systems that enable competition, consistency and transparency, while managing risk.
Organisations should focus on three key areas: