All companies, whatever their line of business, are confronted with a continually evolving environment. This includes volatility in raw materials prices and availability, growth periods followed by recession, changing consumer requirements, ever-increasing competitive pressure, and the emergence of new competitors, amongst others.
Cost optimization, margin control, risk management and agility issues remain priority topics for companies, and procurement plays a major role in achieving a company’s objectives in these areas.
There are six priorities for transforming the procurement function: (1) the development of the strategic plan which must define the ambition, challenges, strategic transformation areas and the impact on the organization, (2) the definition and implementation of the sourcing strategy, (3) the procurement organization (interface with the rest of the company, redefinition of the global/local link, promotion of cross-functional actions and the “internal buying experience”), (4) the implementation of category management which must cover the entire life cycle of the supplier relationship, (5) the optimization of costs and the value generated, and finally (6) the management of the supplier relationship covering the whole collaboration cycle.
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