As organizations have struggled to stay afloat amidst this tough economic environment, procurement professionals have worked hard to adapt and show up for their businesses in new ways. The work, however, is far from over.

With 2020 bringing on unexpected supply chain disruptions, ProcurementIQ knows it’s more important than ever to shape and strengthen your sourcing strategies.

The rise of the coronavirus has turned procurement on its head. Which practices will manage to break the surface?

Companies’ financial statements are packed with numbers and figures that may seem confusing at first glance. While taking a templated approach to analyzing financial statements is an easy way to help procurement staff evaluate such dense documents a one-size-fits-all approach could cause procurement staff to misinterpret outliers.

ProcurementIQ breaks down the key factors exacerbating the skilled labor shortage and highlights strategies firms can employ to bolster their labor force and get affected supply chains back on track.

Company-specific reports, also called supplier profiles or vendor assessments, contain valuable supplier information that supports vendor management and guides decision making.

ProcurementIQ examines the most effective recruiting, development and retention strategies to enhance your company’s diversity initiatives.

CSR initiatives are uniquely positioned to influence corporate decision-making processes and promote diversity and inclusion from the inside out.

Amid widespread calls for greater inclusivity, companies are more motivated than ever to strengthen diversity within the workplace. 

Communication has always been one of the most important soft skills for procurement to master; it’s vital for everything from stakeholder engagement, negotiations and even presentations. Communication, specifically exceptional active listening skills, will help drive your team’s success.

Procurement leaders and managers should consider these five factors when hiring and retaining future procurement employees.

Procurement is a complex field that requires professionals to think responsibly yet inventively about internal structures and external relationships. In order to have strong external relationships with vendors and stakeholders, companies must first prioritize sourcing and retaining quality personnel.

Through embracing innovation, new technology and progressive business practices, millennials could be the next dominant force in procurement.

Looking to grow your network and learn from the movers and shakers in the procurement arena? You can gain a lot by following and connecting with professionals who have a wide variety of experience, roles, responsibilities and activities.

What characteristics do you think a successful purchasing professional should have? First determine if your department is expected be to clerical or strategic. From there, you can decide which characteristics will bring your department and organization the most success.