Five tips for being more effective in procurement

The competition within procurement is intense. Businesses face a constant fight to stay ahead  and a slow-moving procurement environment can severely hinder your ability to achieve your aims, and objectives. In order to gain a better understanding of the current landscape, we’ve partnered with online network Procurious to produce a series of podcasts focusing on key challenges facing procurement professionals.

Philip Ideson, founder & host of The Art of Procurement and founder of ProcureChange, talks to Fabienne Lesbros, CPO Co-operative Group. Fabienne explains her vision for the future of procurement and from this discussion, we have highlighted the five main tips to help professionals be more effective now. This is an engaging and energetic debate to help ambitious procurement professionals to prepare for the challenges of tomorrow.

Tip one: agility and speed

“The future of procurement for me is about agility and speed, and being at the core of the decision-making process for a business,” Fabienne Lesbros explains. Is procurement being slowed down by overlong processes? With the digital age already upon us, will breakthrough technology such as automation provide the necessary solution for the more functional steps? The benefits of taking a pragmatic approach are explored here.

Tip two: aggregate the overall company strategy

In the podcast, Philip Ideson asks Fabienne: “What do you think is going to define those that are the winners and those that are the losers?” It can be argued that a solid company strategy can provide guidance for any business and ensures alignment to the long-term aims and objectives. Fabienne Lesbros answers this question candidly, by drawing on her vast experience.

Tip three: be influential

Influencing a situation can turn a loss into a win, and being persuasive enough to do so is a highly rated skillset. Getting a stakeholder to think outside the box can inevitably better serve the business going forward. The importance of influence from a procurement perspective, and knowing what you should understand to reach a position of influence, is discussed here.

Tip four: understanding the business objectives of your stakeholder

There’s no point in having a meeting where both sides leave feeling confused or unsure of the next steps. Objectives underlie the overall activities of your business and can help to evaluate performance. For procurement specialists, it is imperative that they obtain an understanding of stakeholder objectives. Specialists need to keep stakeholders in the loop as to what they are doing and how that aligns with the overall business model. It’s a tricky process that is explained and discussed here.

Tip five: managing data and analytics

In answer to Philip Ideson’s question regarding the opportunities for the future of procurement, Fabienne Lesbros responds: "Get more data and more information to make business decisions." Big data is one of the key components for business progression. Managing your data and taking advantage of the analytics will enable procurement specialists to better inform their stakeholders for now and in the future.
Procurement specialists can get a huge amount from data mining but it will initially depend on the systems that they have in place. One thing is for certain, setting up this process is something that they shouldn’t ignore. Listen to this engaging podcast to learn more as Philip Ideson and Fabienne Lesbros explore the key themes in procurement today.

About Procurious

procuriousProcurious is the world’s largest online network dedicated to procurement and supply chain professionals. It’s a hub to advance your career, develop your skills and expand your global professional network. With 25,000+ members, make Procurious your go-to point for procurement news, eLearning, discussions and market intelligence. 

For more information visit www.procurious.com.