Inability To Identify Saving Opportunities

Identifying and pursuing opportunities in procurement is important. A clear vision of how much is spent, on what and where is necessary to grab these opportunities. Data accuracy is essential and guides throughout the process.

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Anticipating Needs

Anticipating needs in procurement is considered to be extremely important in order to have an edge over the competitors. This results from knowing the customers well, identifying trends and eventually planning strategies around the same.

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Difficulty In Maintaining Standardized Tracking System

Having a standardized tracking system is extremely important in order to measure procurement benefits and savings. This helps in keeping a track of both quantified (saving money) as well as intangible benefits (improved delivery).

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Lack Of Supply Chain Risk

Lack of supply chain risk leads acts as a major challenge since there is no supplier performance visibility. This forms an obstacle to execute revenue opportunities and also lose prospective sales due to lack of end-to-end visibility. Clear, multi-tier visibility and effective inventory management are keys to success.

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Duplication Of Supplier Data

Duplication of suppler data is a major issue in procurement since it leads to duplication of payments. Thus, it is necessary to make an analysis and have the vendor details as a top priority.

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Confidentiality In Contract

Maintaining confidentiality while managing the contract is a must for both the organizations that are involved in the process. Both general as well as specific confidentiality clauses should be included.

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Legal Issues

It is important to be well versed with legal standards in order to keep the company compliant. The procurement laws are in sync with many processes such as, competitive bidding process, the nature and location of the parties involved the nature or origin of the goods and services, and the terms of the procurement.

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No Compliance

Judging the appropriate means to ensure compliance to contracts is a key challenge for the Chief Procurement Officer. Maintaining significance of a supplier contract is a stimulating but critical task.

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Not Being Able To Negotiate

In order to achieve the desired goal and safeguard supplies, materials and services of the right quality and quantity within the anticipated time frame and at the right price, it is important for the procurement professional to be able to negotiate with both internal and external stakeholders.

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Supplier Risk Assessment

It is important to have the ability to assess risks associated with a particular supplier. However, this often stems out as a challenge for the organization as it involves several legal and technical considerations along with supplier’s history and credentials.

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