With every New Year, organizations enforce procurement & sourcing teams to adapt to changes and absorb shifts in the global markets in order to stay competitive. As workloads and responsibilities continue to increase, here’s a 16 point checklist for Procurement Practitioners alike:
- Review your existing sourcing process and implement a new efficiency
- Improve stakeholder visibility in your e-sourcing module
- Implement a step to increase process adoption in the team
- Analyze big data for your domain and summarize key findings to follow
- Tweak your contract lifecycle management process
- Set up the contract repository if you don’t have one. If you do, ensure data is refreshed
- Figure out the compliance rate for your contract management and take corrective actions
- Initiate approval workflow modules on mobile devices for the middle management and above
- Define steps to manage and capture accurate Supplier Information
- Design a performance score KPI/surveys for suppliers and rate them in other words map a Supplier Performance Management model
- Foster supplier collaboration to drive significant cost savings
- Set a deadline to cleanse or classify your spend data
- Embrace the upside to automating and improving existing process be it supplier management, eSourcing or contract management
- Calculate the percentage of savings realized last year and percentage of spend sourced. The best-in-class teams realize savings of 6% or more and source 40% or more of their spend
- Upscale the team’s talent with new certifications and improve the team’s performance
- Innovate
Integrating technology with strategic sourcing, contract management & supplier management streamlines processes whilst improving overall efficiency for procurement & sourcing teams. No program can be considered truly “strategic” if it does not have automated technology in aid.
“Remember, a real decision is measured by the fact that you’ve taken new action. If there’s no action, you haven’t truly decided.” – Anthony Robbins
So what would you incorporate in your action plan for 2016?
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