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Insights – Sourcing & Procurement

World-Class Procurement: Transforming Procurement to Prevail in the Next New Normal

World-class Procurement organizations are better prepared for the challenges ahead. In fact, world-class Procurement functions operate at a 20% lower cost with 28% fewer staff. As a results, they achieve a 2.2 times higher return on investment than their peers and are five times more likely than peers to be seen by stakeholders as a valued business partner.

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World-Class Procurement: Transforming Procurement to Prevail in the Next New Normal

Featured Insights

CPO Agenda: Become the partner for enterprise agility

Potential business disruptors abound – Covid-19, geopolitical uncertainty, trade conflicts and more – all of which can affect supply and demand, and possibly instigate a global recession. Procurement organizations must deftly anticipate and respond to inevitable disruptions now.

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Preparing the Company for Extreme Economic Volatility: A Procurement Perspective

As the coronavirus crisis becomes more and more disruptive for businesses, procurement organizations have the opportunity to be the glue that holds the enterprise together. Procurement organizations shared with us how the crisis is playing out in their industries, and how they have responded.

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Adapting Payment and Inventory Policies to Preserve Cash

The coronavirus pandemic has shattered supply chains and resulted in unprecedented changes to normal demand patterns. While the extent and time frame for the supply chain disruption happening across the globe are unknowable, a variety of actions can minimize the impact both on buying organizations and their suppliers of goods and services.

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2020 Procurement Key Issues: Achieving Procurement Excellence in the Age of Digital Disruption

In 2020, procurement is facing a dual challenge: reduce costs – both internal and external – and add value. But just cutting cost is not enough. In the digital economy, organizations, both at the enterprise and functional level, must continually reinvent themselves to keep up with the pace of change.

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Procurement Value: Moving Beyond Price Savings Toward Strategic Value Recognition

Procurement is mostly recognized for its successes in reducing and avoiding purchase costs. However, in the era of doing more with less this is no longer enough, and top-performing organizations are investing more in value-channel activities that track ways value is created beyond purchase-price reductions alone.

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World-Class Procurement: Redefining Performance in a Digital Era

Digital transformation is changing what world-class procurement performance looks like. In fact, the typical procurement organization can save $16 million from transforming its own operations. Procurement organizations have an opportunity to transcend the service provider role and become a driver of digital business capability.

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Procurement 2025: Equipping a multigenerational workforce with the skills for success in a digital environment

According to a World Economic Forum report, the proportion of core skills required to perform a job will shift significantly between 2018 and 2022 as digitization, automation, and advances in artificial intelligence disrupt the world of work.

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Procurement Value: Measuring Realized Savings

Measuring savings on indirect spending is deceptively difficult. Achieving savings visibility requires a combination of technology, process expertise and coordinated collaboration with the finance organization.

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Four Best Practices for Implementing a Source-to-Pay Technology: A Major Convenience Store Retailer Technology Transformation

With an aggressive target for growth, this convenience store retailer acquired multiple companies to expand its overall reach in the United States.

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Benchmarking: Continuous self-evaluation is at the “heart” of sustainable cost optimization

By moving to world-class performance levels, the typical company can save up to 17% in procurement costs that can be reallocated to fund procurement performance improvement initiatives or top-line growth initiatives.

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Contract Cash Scoring

Contract cash scoring – an easy-to-implement approach for both procurement and sales – elevates attention to cash flow considerations before a contract is signed.

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The Digital World-Class Procurement Performance Advantage

Digital transformation offers procurement teams a significant opportunity to elevate and position as a more strategic, forward-looking and business-enabling function.

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