If you feel the same, we have good news, “You are not alone but the great news is we have a solution for it!” Over the years, global companies have added new priorities in procurement on their path towards digitalization or procurement transformation however, tail spend optimization remains a critical untouched area, among others. Often, as a niche procurement consulting company, we have been listening to customers stating, “lack of time and resources” as the underlying challenges to it. Besides these, justifying the final output to the leadership team discourages their attention towards the tail spend optimization project. So, it has almost become a fairy tale that tail spend optimization in no way contributes to significant opportunities and cost savings. Being a pragmatic consulting player, we take our charge to clear the air surrounding tail spend optimization.
Download your copy hereGlobal procurement organizations are often exposed to a plethora of both internal and external risks. It goes without saying, the COVID 19 pandemic has shed light on the gaps in our procurement strategies and out of tune risk assessment matrix built over the years with comprehensive data. Further coming into the bargain, sometimes the tried and tested low-cost country sourcing model becoming prone to risks. Therefore, procurement and supply chain complexities have evolved over the past decade. Almost all opportunities that we zero down today are tied-up with uncertainties or risks from financial, cybersecurity, operational to compliance, and regulations. Hence, revamping risk management strategy towards effectiveness is much needed in modern-day procurement and we have tried to make it clear on how to do it effectively?
Download your copy hereThe aim of modern category managers is not to identify the best price for a given purchase category but to design an effective strategy that puts the organizations ahead of competitors. One of the key gaps in modern-day procurement is enhancing analytical and reporting capabilities to make informed decisions. Though top organizations have made significant investments in data and analytics, still a degree of vagueness and obscurity exists in sourcing the right intelligence. So, what exactly is the right intelligence? What difference does it offer? And lastly, how to streamline and maintain it long run?
Download your copy hereSo, what is Innovation? - Innovation is the commercially viable implementation of creative ideas. Who is best positioned to lead innovation? - Your Business. But driving innovation by going it alone can distract from core business, limit creativity and diminish ROI. Your internal business is most likely to fund the innovation, it is your business where the benefits of innovation could be realized, measured and reported. Hence, being more than two degrees away from your business could limit success of an innovation program in Procurement.
Download your copy hereProcurement outsourcing offers companies the ability to focus on their core competencies, gain access to leading external capabilities in non-core activities, and gain greater control over reporting and compliance. Procurement outsourcing can ultimately improve the overall level of procurement performance and results across defined categories and activities without making large infrastructure investments. Although, this appears to be a go-to strategy, understanding the risks and measuring the success of any procurement outsourcing program is essential.
Download your copy hereSpeed to market is critical and custom solutions essential to Delight Customers. Your procurement program and sourcing agenda have a direct impact on that balance. To meet Customer demand, dynamic organizations rely on agility and flexibility in their procurement program to deliver projects faster, better and cheaper.
Download your copy hereComing fresh from a conference of procurement practitioners, I couldn’t stop but deeply reflect upon my own experience of spend analysis - a critical capability for procurement functions - the misconceptions and the hype around it. The application of spend analysis and how / why practitioners use it has evolved during past few years but unfortunately the way it is sold - has not!
Well, I say this- because after spending more than three decades in corporate procurement working with one of the largest and global leader in technology and media business, having personally sourced and led full life-cycle management of spend in excess of 50 billion US$ across the full spectrum of Indirect spend and commodities - I have come to realize that the way spend analysis is sold even today is so out of context to what the sourcing and procurement practitioners really need!
Download your copy here