Nov 04, 2020

5 Keys to Improving Your Procurement Strategy

5 Keys to Improving Your Procurement Strategy

At its heart, a successful procurement strategy is one that ensures cost-effective purchasing decisions are made from a group of reliable vendors who deliver quality goods on time and at mutually agreeable terms.

However, according to Deloitte’s most recent Global Chief Procurement Officer Survey, if there was one word that describes the scenario facing CPOs today, it would be complexity. 

“Procurement organisations today shoulder an expansive and intricate set of responsibilities, and each new task that arises from these responsibilities adds another node to an ever-growing network of complex initiatives and challenges to address,” says Deloitte. 

Some of these challenges are familiar – such as the perennial mandate to reduce costs. Others, however, revolve around newer risks and concerns – such as the high levels of uncertainty prevalent in the current business environment, competitive pressures to digitise and managing digital fragmentation with the supply base as well as within the organisation itself. 

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