By: ProcurementIQ Staff Writer, Hilary O'Brien
Lots of people make personal New Year’s Resolutions each year, like losing weight, quitting smoking or learning something new. Procurement departments should also make some resolutions and we’ve got a list to get you started! Achieving these won’t happen overnight, so give yourself realistic timelines. Selecting a few and making them your goals for 2018 will make a positive impact on you, your staff and your organization.
1. Incorporate strategic thinking:
In today’s competitive business environment, procurement professionals must find ways to do more with less, including cutting costs, mitigating risk and improving speed to market. A strategic approach to sourcing products and services for your organization can help you accomplish these goals and more. Strategic sourcing focuses on more than just price when evaluating suppliers, such as total cost of ownership (TCO), risk, quality, and delivery and lead times. A strategic approach also sees the procurement function involved in projects much earlier, as you can deliver the greatest value in the early stages. To learn more about how you can become a more strategic department, check out The Journey to Strategic Sourcing: A Roadmap.