The New ‘Business-Norm’ What is driving the Next Wave of change in Procurement? 1. Shift towards Business Process Automation and ‘Data-driven’ Approval Routing and Workflow. 2. Priorities of procurement leaders and their teams have rapidly shifted from running sourcing processes and negotiating contracts to partnering with business leaders so that they can immediately understand leaders’ requirements…
Over the years, due to increased competition, the role of procurement and procurement compliance in the organizational ecosystem has evolved. Initially, companies employed a passive procurement approach, which was primarily a clerical function supporting the technical aspects of a company. This evolved into independent procurement, which had more focus on improving efficiency, then supportive procurement, which…
Procurement Budget: Budgeting, while many times painful, is among the most important aspects of an organization(1). In the past, the procurement department was not included in the budget-making process. It was not represented in organization-wide budget meetings. The role of procurement in budgeting was relegated to direct acquisition. However, currently, things are changing, and procurement…
