Tackle the challenges facing your procurement team head on.
Procurement is changing. It used to be about acquiring products and services for the best price. Now, it’s also about giving executives the analytics and guidance they need to make better business decisions. As a procurement professional, you have a strategic role to play in your business. Beyond simply controlling expenses, you’re now also expected to manage legal and regulatory exposure, while providing valuable intelligence to key stakeholders. That in turn has led to new challenges.
For example, you may find yourself responsible for meeting a much broader range of objectives such as:
- Increasing company spend under management by centralizing and controlling your organization’s contracts is essential for expense management. That means reducing rogue spending and the number of vendors you work with.
- Increasing savings by rationalizing suppliers, negotiating better deals, and taking advantage of incentives.
- Assessing risk by getting a clear understanding of your service level agreements (SLAs) and uptimes, whether liabilities are covered by insurance, and of the use of standard vs. non-standard terms and conditions.
- Driving efficiency by reducing the time and money it takes to search for specific contracts and contract terms makes life easier.
Achieving any of these goals can be difficult. All the more so at organizations where contracts are hard to find and the data they contain is even harder to extract, understand, and manage.