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Are you ready to crush your procurement goals this year? Check out our latest blog post for tips on how to optimize your procurement process and achieve success! #Procurement #SupplyChainManagement #ProcurementTips

Choosing the right procurement process isn't just about ticking boxes. Imagine a world where every procurement decision is spot-on. Costs optimized. Value maximized. Efficiency through the roof. That's the power of selecting the right procurement process. But here's the twist: it's not a one-size-fits-all scenario. The magic lies in customization. Tailoring the process to fit not just the size and industry of your organization, but also its culture and strategic objectives. Take a step back. Look beyond the traditional models. Consider how agile methodologies could revolutionize your procurement process. Embrace technology, yes, but also weave in sustainability and ethical sourcing. These are not just buzzwords but critical elements that can set your organization apart in a crowded marketplace. Now, visualize a procurement process that's as dynamic as the market it operates in. One that not only addresses the present but is also adaptable enough to anticipate the future. Are you ready to challenge the status quo? Let's start a conversation. Share your thoughts on how you're customizing your procurement process. What's worked for you? What hasn't? Together, let's redefine procurement.

31% of Procurement Teams struggle to find their contracts. (And this is having a devastating impacting on your P&L). Finding contracts shouldn’t be hard. It should be as simple as clicking on “contracts” and having them all there. Or clicking the category of spend. Or the team. Or the owner. Or a quick search that takes seconds. It shouldn’t be searching through folders, emails, and slack messages. If you’re finding contracts like this your contract management is broken. It’s time to fix it by: 1-Creating a contract repository. 2-Linking it to fundamental data points such as the Vendor, category, and relevant team. 3-Using a digital workflow to auto-update your repository once the work is done. How does this sound?

Communication is an underrated superpower for a top class Procurement Manager. Being able to communicate savings and value delivery to the business in a confident but honest, credible manner will gain you respectability fast. Knowing the difference between what are cost reduction projects, wider value delivery initiatives and cost mitigation efforts is key. Also, being able to successfully pitch for the resources, budgets and cross-departmental support needed to get them over the line is essential. Accurate savings forecasting and procurement planning isn't easy, and requires careful attention to get it right. With this in mind, let's consider these 6 questions when putting together a presentation to senior stakeholders: * How confident am I in the numbers being presented? * What’s the real probability of the declared savings / cost avoidance / wider bottom line value being delivered? * Am I sure that the timing is realistic? Is there a risk that a significant portion of the benefit may slip into the following financial year? * Am I confident that my baselines and calculations are correct? Will they stand up to scrutiny from senior management? * How did my forecast compare to the reality last year? * Do I have the resources, support and buy-in that I need from the wider business to turn these ideas into implemented savings? A procurement performance management tool such as Provalido can provide you this information with a few mouse clicks. What's more, the wider business can also transparently see what's in there. No more Excel files squirreled away on siloed SharePoint sites or shared drives. Transparency and clear communication are the key for successful stakeholder support, cross-departmental delivery, and credibility of reported benefits.

#procurement means obtaining all of the materials, services, and supplies required to complete the project. There are five steps in the typical procurement process: 1. Initiating: planning what you need to meet your project goals 2. Selecting: deciding which suppliers and vendors to use 3. Contract writing: developing, reviewing, and signing contracts 4. Controlling: making payments and maintaining and ensuring quality 5. Completing: measuring your success Source: Google Project Management Materials #GooglePM #personaldevelopment #projectmanagement #Agileprojectmanagement #careerdevelopment

Proper contract management can improve your procurement process, making it more efficient, more accurate, and less costly. Learn how to use procurement contract lifecycle management software to automate, streamline, and improve your procurement and buy-side operations. https://hubs.ly/Q02FLWG-0

I've spent nearly three years in electronic component procurement software, engaging with procurement experts from major OEMs like Microsoft, Amazon, and Logitech. Here are the key challenges I’ve been hearing:     👓 Visibility: Procurement struggles to interpret spending data effectively, relying on inadequate tools like Excel and Power BI. They need a comprehensive view across suppliers and products to plan sourcing effectively.     🛑 Risk Management: Post-pandemic, there's a heightened focus on mitigating supply chain risks. Organizations seek intelligence to anticipate shortages and adjust strategies accordingly, considering factors like lead times, supplier health, and multi-sourcing.     ⌛ Lead Times: Initially accepted as normal during the pandemic, long lead times are now seen as a risk and dynamic of cost. Monitoring lead times is crucial for planning and remains a top concern.   Location Awareness: Global events like political unrest and natural disasters underscore the importance of knowing the origins of components. Procurement now emphasizes precise location awareness for supply chain resilience.     🤝 Vendor Collaboration: Inefficient RFX processes hinder productivity, prompting a shift towards automation for strategic sourcing. Organizations seek to streamline collaboration with vendors to maximize cost savings.   BOM Management: While not glamorous, managing Bills of Materials (BOMs) is critical for procurement. Understanding BOM dynamics impacts cost, risk, and lead times, driving the need for efficient management platforms.     💸 Savings Opportunities/Benchmarking: Procurement strives to secure the best component prices, utilizing market intelligence for informed negotiations. Companies are moving to benchmark prices externally to optimize savings.    More than ever electronic procurement professionals need solutions like LevaData, we’ve set out to comprehensively address the challenges organizations are facing and help them excel in key areas. If you're a procurement professional and would like to learn more, you're welcome to message me!

Navigating procurement can be a complex maze... Rigid, non-customizable tools and disjointed communication channels often lead to inefficiencies, delays, and frustration. Procurement processes bogged down by a lack of flexibility and integration not only impact workflow efficiency but also hinder real-time collaboration and decision-making. That's why we rolled out a powerful new feature this month: Customizable Procurement Intake. With Sastrify's intuitive form builder and streamlined collaboration, anyone can create a procurement process that works like magic and gets buy-in from the whole team. If you're already on our Pro or Platinum plans, then check your dashboard to get access to our latest updates. Or check the comments below to learn more.

Last week I was invited to speak in GPL's Procurement Excellence Network and I appreciated the opportunity to connect with so many enthusiastic public servants that are passionate about procurement. As part of efforts to reimagine the way we do procurement in the City of Syracuse, we have been thinking about the ways in which technology can be an enabler (or a detriment) to helping businesses enter into contracts with the city, and helping departments get the most out of their contracts. This year we launched a new tool to apply for minority-and-women-owned business status digitally which turned a process that used to be measured in weeks to one measured in minutes. Now, we are getting ready to adopt tools that will support all stages of the procurement life-cycle (from the initial stages of market research and solicitation drafting, all the way to contract management and payment). The approach we have taken is not revolutionary but focuses on getting the basics right: - Spend enough time with all of your users understanding processes, pain points, and interactions (procurement in particular, is highly complex and interconnected with a variety of stakeholders and systems) - Don't skimp on market research - do multiple rounds if your understanding of existing tools is lacking in the beginning, ask for access to sandbox environment and put tools in front of users as soon as you can (not all vendors will agree to this but doesn't hurt to ask) - Even when working with off-the-shelf software, there are ways you can embed agile development methods when working with vendors to ensure you are developing tools that are well customized to our needs while delivering quickly Summary and slides are here: https://lnkd.in/eauzQ5Gc

Do you know the difference between traditional procurement and agile procurement? While both aim to solve the same basic challenges, traditional procurement focuses on process and documentation, while agile values flexibility (and, yes, speed). Implementing agile procurement can help your organisation become more adaptable and responsive to change. #AgileProcurement #Procurement #Flexibility #Speed #Adaptability