“Procurement leaders should learn where their sourcing employees spend the most time and whether it is worth the investment,” states the latest study by The Hackett Group.
Millennials, the group of individuals born between the year 1980 and 1995, are estimated to make up 50 percent of the total workforce by the year 2020. However, much has been said and written about them, most of it indicating how they are lazy, entitled, pampered, self-involved and unwilling to stay on a job for more than a few years. Such facts are a terrifying prospect for hiring managers who fear that the future workforce is likely to be troublesome for them.
According to The Hackett Group, "a decision not to use group purchasing organizations (GPOs) for specific indirect spend categories is the same as leaving money on the table." But, research by ProcureCon Indirect West found that 58% of organizations haven’t yet investigated or aren’t using a GPO.
There’s no doubt new technology is catalyzing the evolution of procurement’s role in the enterprise. A recent article from Spend Matters notes that what sets world-class procurement organizations apart is the use of digital technology. Surprised? You shouldn’t be. Just like most other areas of your organization, leveraging technology enables procurement teams to stamp out inefficiency and save time.
Filling today’s advanced procurement roles is a much greater challenge than many expect. Whether a procurement department is trying to fill a vacancy on the staff or simply failing to deliver the expected level of impact in an evolving organization, the underlying issue is often the same: they need to find the right talent. It takes a new breed of procurement talent to fill the roles in modern procurement organizations.
Scratching your head about how to improve your interdepartmental relationships? We went straight to the source.
Most of us have heard Voltaire’s wisdom translated as "Perfect is the enemy of good." Today, 250 years later, we have a correlated quote that should serve as a lesson to procurement professionals. “Later is the enemy of savings.”
There are many times in our professional careers when we need to convince others to go along with our course of action. It could be convincing our superiors to follow our strategy, compelling your employees to take on a new project or persuading a vendor to make changes. During my own professional career, I have been on both sides of this equation: I have been convincing and I have been convinced. During these experiences, one thing was constant—the need to carefully construct a meaningful business case. So, how do you get started? In this post, I will discuss the five components for making a strong case and a set of questions to help you get there.
As a procurement leader, you’re well aware of how procurement’s role is evolving within the organization. You’ve probably been involved in discussions with your team on how to adapt to changing expectations while overcoming these common procurement challenges.