CIPS: Chartered Institute for Procurement and Supply

10 Ways to Deliver Smarter, Better Procurement

Widespread user adoption, risk mitigation in the supply chain, cost savings, and improved business agility and resilience – all are benefits of the procurement team adopting a smarter, better approach to business spend management. In a world where there is no such thing as ‘business as usual’, procurement needs to seize the day.

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Learn how procurement teams can seize the day and make a huge impact for their business

Download this e-book to learn:

  • the four stages of the procurement maturity model
  • how to measure procurement success
  • functional steps to achieve streamlined procurement
  • a relevant case study of digital transformation.
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Are you ready to lead? That is the question facing many Chief Procurement Officers after they – and their teams – performed Herculean feats to keep their organizations afloat amid a level of social, economic, and political disruption seldom seen in peacetime.

Procurement has in many ways demonstrated that it’s ready to lead. Are you ready to lead? To do so, procurement teams must be able to effectively answer five fundamental questions: How big is the spend? What am I buying? Do I have full visibility and control over everything that I am buying? What are our contracts – and when do they expire? Who are my stakeholders – and what outcomes do they want? Find out more by downloading the full report.

When it comes to delivering Procurement can make a difference on everything from agility to cash flow to climate change and diversity and inclusion.
Michael Van Keulen, CPO, Coupa Software

FAQ

What are the main stages of procurement maturity?

The first stage is concerned with tactics and operations, and procurement is thinking mostly about ordering and invoice processes. The second stage is focused on efficient sourcing, and the primary goals are to improve strategic sourcing, contract management, and supplier management in order to achieve significant savings. The third stage revolves around strategic category management, which can create even more value and efficiencies. The fourth stage happens when procurement achieves a competitive advantage through business innovation, thus providing automated, digitized processes that enable procurement to be proactive, agile, and focused on the outcomes that are most important to stakeholders.

What are the ten tips for smarter, better procurement?

First, digitize spend management to drive adoption. Second, automate accounts payable. Third, digitize end-to-end by including supplier management and payments. Fourth, look hard at cycle times. Fifth, don’t overlook services spend. Sixth, watch the tail. Seventh, connect with S2C and Finance. Eighth, spread the risk. Ninth, source from the community. And tenth, automate the fight against fraud. For more detailed information about these tips, download the report.

How did Beach Energy benefit from investing in procurement automation technology?

Beach Energy exceeded its pre-acquisition target for synergies by 150%. Around 68% of Beach Energy’s annual spend – in excess of A$800m – is now on contract. More than 85% of invoices come through the platform digitally. They have achieved enhanced, site-level accountability, such that managers can see every item of spending. They now can more proactively renegotiate and extend contracts. Their system is much easier to use compared to their previous process, and field users have only one place to find and obtain items from inventory across four warehouses.