Today, procurement professionals often work alongside other business units to develop and implement strategies that impact an organization’s bottom line. Yet, there is still a common perception that procurement is all about following strict business priorities set by executives. However, to truly thrive, procurement teams must be empowered to add value beyond their traditional responsibilities. In this blog post, we will explore some tips for procurement teams to move beyond business priorities and create value for their organization.
1. Understand Your Business: Procurement teams might be considered the “spend police” in many organizations, but that doesn’t mean they should remain detached from the rest of the business. Procurement professionals should make an effort to understand all aspects of their organization, from operations to marketing. Doing so will help them find ways to add value that are more far-reaching and impactful than just following orders from above.
2. Keep Up With Industry Trends: Procurement professionals should always be looking for ways to stay current and up-to-date with industry trends and best practices. This will empower them to bring new ideas and innovative solutions to the table. Keeping abreast of industry trends can help procurement teams identify ways that they can bring value to their organization beyond just saving on costs.
3. Focus on Collaboration: To truly add value, procurement teams need to move beyond being seen as a separate entity. They should work closely with other departments within the organization, building strong relationships that can lead to more impactful results. By collaborating with other teams, procurement professionals can identify areas where they can provide value through innovative solutions, streamlined processes, and other initiatives that go beyond traditional scope.
4. Measure and Report Progress: Measurement and reporting are essential for the success of any procurement team. By tracking progress, procurement professionals can develop data-driven strategies that help them add value in more strategic ways. By reporting on progress and successes, procurement teams can keep other business units informed, win trust and support for their initiatives, and demonstrate the value they bring to the whole organization.
5. Get Out of the Comfort Zone: Procurement teams should be willing to take risks and try new things. Challenge yourself to find innovative ways to add value, even if they aren’t immediately obvious. Be willing to test and experiment with new solutions, and always keep an open mind to new ideas. Getting out of the comfort zone also means being willing to own up to mistakes and learn from them, instead of sticking to safe, predictable practices.
Overall, procurement teams can offer immense value beyond just enacting business priorities. By focusing on collaboration, staying current with industry trends and best practices, measuring and reporting progress, and taking risks and getting out of their comfort zone, procurement professionals can take a more proactive and strategic approach to their work, helping to drive greater business impact. By doing so, procurement teams can play an important role in shaping their organization’s success.
