- Sourcing and Procurement Strategy
Sourcing and Procurement Strategy: From transaction-focused to source of added value
As the role of sourcing and procurement continues to evolve, a new set of objectives is coming into focus, namely, the need to elevate procurement’s role to more of a trusted advisor and improving its business agility. In fact, 95% percent of study respondents ranked elevating sourcing and procurement’s role to that of a trusted advisor as a critical or major priority in 2019.
Becoming a trusted advisor and increasing agility fall into the “critical development” zone. However, many sourcing and procurement teams are not equipped to achieve these goals. On a brighter note, strategic sourcing and procurement groups have a high ability to address more conventional priorities like reducing/avoiding purchase costs and increasing stakeholder satisfaction levels.
Accelerate your journey toward world-class performance
Based on our extensive research of world-class enterprises, we understand what it takes to establish and sustain value-producing sourcing and procurement operations. We view strategic sourcing and procurement as a strategic enabler of enterprise performance. And we apply that perspective as we work with sourcing and procurement functions at many of the world’s leading organizations to define and measure their contributions and raise their capabilities, performance and – ultimately – value.
What makes the difference?
Our strategic sourcing and procurement consulting services span the entire spectrum of transactional, talent management and planning processes, as well as functional management. We can address any of the strategic and operational dimensions that impact performance, such as organizational design – including procurement outsourcing decisions – process improvement, technology enablement, information requirements, and skills and talents. We can provide the right combination of capabilities, resources, and approach to help you identify and adopt world-class capabilities and deliver maximum value from your sourcing and procurement function:
- Sourcing and procurement executive advisory
- Sourcing and procurement benchmarking
- Sourcing and procurement transformation consulting
Our clients deliver value through the ability to:
- Reduce costs and redirect savings to higher-value activities
- Identify and mitigate talent risks
- Drive workforce innovation
- Collaborate in new and more effective ways with business leaders
- Meet enterprise objectives for productivity and market performance
May 16, 2016 – The Hackett Group made this list in 2016 for the third year in a row. In 2015 we were also included in ther “50 Companies to Watch” list. Their “Our View” on us, prepared in 2015 said, in part, “Hackett is the gold standard in back-office performance benchmarking – namely finance, procurement, IT and HR – primarily due to its rigorous approach to efficiency benchmarking and its ability to provide comparability on performance benchmarks” (that drill down into specific process areas) and related “good practices.” Within procurement, it also provides some level of insights into direct versus indirect benchmarks, and even some insights into high level “super spend categories.” Hackett also offers good packaged diagnostics and tools that allow firms to not just baseline their performance objectively, but also help them accelerate their transformations, whether they choose to engage Hackett consultants in the execution or pursue the transformation in a more self-service manner.