Procurement Initiatives driving Business Performance

Many years ago, it was often said that in its primary role of interacting with suppliers, procurement worked on the ‘front lines’ of a business. But, while procurement continues to interact with suppliers, it has expanded its role dramatically over the past several decades.

Procurement initiatives has moved from the ‘front line’ to the very heart of high performing businesses and this move has brought with it areas where procurement can make a strategic impact. High performing businesses have certain strategic imperatives that need to be achieved to excel in today’s competitive and volatile business environment.

Contemporary procurement professionals are extensively collaborating throughout their business organizations and supply networks and are leveraging technology in the areas of spend analysis, strategic sourcing, contract management, supplier management & financial savings management to drive competitive performance along many these strategic imperatives.

By effectively contributing in key strategic areas, procurement has transformed itself as a key element of business performance within organizations across the globe.

The whitepaper offers a detailed analysis of six critical strategic imperatives for high-performing businesses:

• Visibility
• Compliance
• Contribution to the bottom line
• Alignment & Collaboration
• Technology Adoption & Innovation
• It provides insights into the technologies and tactics employed by leading organizations.

These strategies have significantly impacted the organizations’ bottom lines. As a result, procurement has become central to the success of high-performing businesses.