Felix Felicis for Procurement in 2017
As a procurement exec, do you wish there be a wand or a spell which cleared the haze surrounding the spend you controlled? Do you wish there was a way by which you ensure your negotiated savings didn’t fizzle out of the savings pipeline?
Over the last decade, we have seen a significant change in procurement’s role. As companies and industries consolidate, significant focus is placed on the indirect expenditure. With the ability to dissect, segment and understand the expenditure with tools like spend analysis, categorization and contract management, companies have gained visibility into the indirect categories.
When managing the indirect expenditure, the large diversity of the number of items purchased and the number of internal customers can be overwhelming. That is where good category management segmentation and prioritization are useful when beginning an indirect category approach. In many cases, the materials are unclassified, random and very difficult to track.
It may be me difficult for procurement folks to increase the negotiated savings but however, it is not impossible.
Well, we at Zycus have no magic wand; however, we believe watching this video will help!