The Procurement Maturity Model
This report details how CPOs and their teams can level up and prepare for the future of procurement. After ushering companies through years of uncertain economic conditions with supply shortages and rising costs, CPOs can reduce the impact of detrimental disruptions while adding value through smarter, more cost-effective, and more sustainable purchasing.
Get the Four Stages of Procurement Maturity
The Four Stages of Procurement Maturity
In this guide, you will learn:
- What people, processes, and technology you need to advance your procurement maturity
- How mature organizations use a 5- or 7-step sourcing process to maximize value
- The 4 stages of procurement maturity, from tactical & operational to business innovation
Procurement professionals, armed with best-in-breed technology, best-in-class process and modernized policies and being supported by great leaders, are best positioned to unlock the greatest value for their companies, while simultaneously elevating to trusted advisors within their organizations.
What are the four stages of procurement maturity?
In the first stage, the procurement organization is focused on tactics and operations, especially with regards to ordering and invoice processes. In stage two, the procurement team looks to improve sourcing by improving basic sourcing practices, spend analytics, strategic sourcing, and contract management. Procurement organizations in the third stage are looking to improve category strategy by improving supplier management, category strategy development, and category and demand management. In the fourth state, the procurement organization can focus on business innovation to continue adding value.
What are the seven steps recommended to maximize value in the strategic sourcing process?
The first step is to assess the opportunity and collect data. You will then develop a baseline and define requirements. Third, you will develop your sourcing strategy, followed by executing a sourcing event. Then, fifth, you will negotiate terms and make a recommendation. Sixth, you award the contract and eighth, implement and monitor. Download the eBook for more detail.