There are many ways to begin a procurement transformation – an initiative may start with a focus in either strategic sourcing or operational procurement, or it may pursue a “Big Bang” strategy that pushes forward all components of the function at once. But, no matter the chosen plan, one unifying characteristic of all successful procurement transformations is the holistic, long-term view of its systems, people, and processes that was taken from the start.
Here’s a sneak preview of some of the ideas we’ll be sharing in the webinar.
The procurement landscape is littered with hundreds of oversold and overhyped solutions and strategies that promised a revolution or paradigm shift but failed to deliver. The reality is that the procurement organizations that are the most likely to succeed are the ones who take control of their own destinies and drive change from within the department. In that sense, “procurement transformation” has become a common theme for many Chief Procurement Officers (CPOs) and other procurement leaders who are searching for an advantage in an increasingly competitive and complex business marketplace.
So, what’s the best way to accomplish a transformation that effectively overhauls critical spend management processes and drives procurement into the forefront of strategic corporate importance? The short answer is that while a successful transformation program can take many forms, its design should be built using several key principles:
- Take a holistic view of the source-to-settle process
- Aggressively leverage process automation
- Have a clear long-term vision and clear goals
- Build the foundation of this program using the classic “people, process, and technology” approach
Enterprises that craft the right blueprint and establish the right foundation increase the speed and impact of a procurement transformation.
Attend our upcoming webinar on August 4th at 2 pm ET to help better understand the strategies and approaches that will help ensure that your strategic procurement transformation is “Built to Last.”
