A procurement strategy is essential when assessing the direction of a public entity, like state and local government agencies, educational institutions, and non-profit organizations – all of which face expense pressures and tight budgets.Implementing a comprehensive procurement strategy helps procurement staff to handle their diverse range of responsibilities and acts as a guide for the organization’s long-term goals and action plans. There are many types of procurement strategies, with organizations typically focusing on cost reduction, risk mitigation, and leveraging supplier relationships. However, a successful procurement strategy should be an organization-wide process that is tailored to meet the needs of an agency.
A rapidly changing workforce, integrated with the advent of the digital era, is shifting the way procurement operates. Younger generations entering the public sector workforce are proposing improvements to current processes that questions the status quo. For the first time in modern age, five generations are present at work –Traditionalists, Baby Boomers, Generation X, Millennials, and Gen Z.