Article: Rule 1: Reimagine Strategy

It’s time to think big, assess the needs and values of your organisation, understand past data, challenge preconceptions and break down silos.

The procurement changemakers are exploring ways to reimagine strategic sourcing and spend analysis to understand where the real opportunity lies while using category management and pipeline analysis to identify short, medium and long-term wins. 

There must be an understanding of both micro and macro, internal and external forces that will elevate the vision of the procurement function and allow procurement to lead from the front. 

A clearly defined strategy enables procurement leaders and teams to not only align and respond proactively to company strategy but also to elevate their strategic influence and help shape the vision and roadmap to sustainable business growth.

Measurable benefits of a procurement strategy include the ability to

• drive greater savings
• understand true total cost of ownership (TCO) and lifetime value of goods and services
• streamline data and processes
• manage and mitigate risk successfully
• provide business continuity and resilience

The previous shackles of poor technology, legacy systems, low adoption and limited influence have been removed. 

By leveraging the right people, process and technology, procurement can create a path to drive better adoption and internal and external collaboration which will empower modern organisations to thrive against a volatile competitive backdrop. All the while, evolving this previously under-loved and undernourished function into a high-value strategic resource. 

Join the Changemakers

To learn more about the New Rules, join analysts, procurement practitioners and industry thought leaders as they grapple with a world of constant change to share their insights and actionable strategies to decipher the new rules of procurement engagement, this is your opportunity to join the evolution… join the movement at marketdojo.com/new-rules