With a new year comes new opportunity for procurement to shine. There are plenty of ways to generate even more value for your organization in 2017, from more emphasis on nurturing best-in-class teams that are equipped to handle today’s ever-changing landscape, to better integration of all tools and processes to get business done better.
We’ve pulled together a few ideas for putting your team on the path to its best year yet.
- Collaborate more frequently with other business departments. Working with other teams like research and development and product engineering much earlier in the development process can save teams a lot of headache down the road. It ensures the end-product is affordable, innovative and on-target and helps teams identify and resolve problems before they become catastrophic. Make it a priority next year to work more collaboratively with other teams and stakeholders so that better outcomes are delivered for all.
- Take a deeper look at supplier value. Don’t just assess suppliers by cost and product specifications. Rather, look at the overall strategic value their relationship will have on the organization. This will help you hold your seat at the table and showcase the value you can generate for the organization – when you have a strong base of suppliers you can lean on, the benefits are multiplied across the entire business.
- Don’t ignore the data. Use the advanced analytics and business intelligence you have at your fingertips more regularly. The results may surprise you: procurement’s ability to support the organization stems in large part on the function’s ability to effectively implement the latest in technology and analytics. The insight gleaned from these initiatives gives teams unparalleled business intelligence for informed, confident and profitable decisions-making.
- Focus on innovation. Next year, innovate with intention and finally master the art of balancing cost and quality and deliver products to market that stand out. It’s a seemingly simple concept that many teams have yet to implement effectively. When done right, it can lead to a tremendous competitive advantage that sets the strategic direction for the business.
- Ditch reactive tendencies. Be more proactive and develop a five-year strategic plan that looks to the future and anticipates business needs. If you’re always operating with a focus on the past, you won’t make it far in attaining your goals. Set a path that fits your business’ unique needs and objectives, and the results will follow.
Procurement plays a leading and critical role in making sure the business attains its goals. This puts teams in a unique position to drive the success of both the function and entire organization. By setting thoughtful, actionable and attainable resolutions for procurement, teams can proactively push the business along its path to success. This should empower procurement in both tactical and strategic business decisions.
Success starts with intention. To learn more about what you can do for your organization in 2017, read our latest BuzzFeed post: 12 Resolutions for Procurement in 2017.