The Strategic Value of Investing in Procurement and Supply Chain Management
 

What is Procurement’s Strategic Value?

Boosting Procurement's Value

Since 1992, Source One’s consultants have advocated for Procurement’s value and empowered clients to elevate the function. Their entire suite of services is intended to help clients both recognize and realize the game-changing power of a fully-strategic team that’s aligned with organization-wide goals.


Procurement Transformation

Whether you’re looking to make an incremental improvement or sweeping changes, Source One’s Procurement Transformation team has the skills and hands-on expertise to optimize each aspect of your Procurement function. They’ll work alongside your organization to capitalize on your strengths, identify weaknesses, and take Procurement into a new strategic era.

Optimize Procurement


Category Management

For Procurement’s strategic evolution to continue, the function needs to distinguish itself as an asset to every business unit. Source One’s cross-functional team of experts has what it takes to make Procurement an ally in categories that were once considered off-limits. Aligned to support categories like HR, IT, Telecom, and Marketing, the function will generate greater value and take your organization to the next level.

Make Procurement a Strategic Asset


Supply Chain Staffing & Recruiting

Today’s Procurement teams require a new class of professional. Source One’s staffing, recruiting, and talent management specialists know what sets these world-class resources apart from the pack. They’ll work alongside your team to identify qualified candidates who’ll not only deliver results, but provide a complement to your organization’s unique company culture.

Build an Ideal Procurement Team

 

 

World-Class Procurement Brings Value Beyond Cost Savings

The Strategic Value of Procurement

Procurement has the potential to serve as a strategic business partner and help organizations develop competitive advantages. It’s far more than a tactical, cost-cutting unit.

For years, Procurement groups occupied an obscure position within most companies. Relegated to tactical processes and low-value tasks, it was viewed as something between a nuisance and a necessary evil. More recently, however, the function has undergone a strategic evolution.  Leading organizations are increasingly willing to invest in Procurement and embrace it as a strategic business partner.

Procurement’s potential to generate value is almost limitless. Organizations that invest in the function and provide it a seat at the executive table enjoy the considerable benefits of a secure, sustainable supply chain.

What Value Does Procurement Bring?

  • Organizational Alignment: An effective Procurement department ensures that processes are consistent and carried out successfully. As a result, all parties are appropriately involved throughout the sourcing process, roadblocks are easily averted, and suppliers are on-boarded efficiently.
  • Compliance: Leveraging Procurement throughout the supplier selection and evaluation process ensures that all providers meet at expectations. With Procurement’s regulatory support, organizations can guarantee their suppliers will comply with agreements, submit proper documentation, and remain transparent.
  • Risk Management: With visibility across the value chain, Procurement is perfectly equipped to evaluate and address risk from a financial, performance, legal, or operational perspective. This is increasingly crucial as supply chain risk factors evolve.
  • Market Insights: Well-staffed Procurement units support processes for identifying, vetting, evaluating, and selecting suppliers. Building market intelligence with each new engagement, they ensure the organization assesses all viable vendors and ultimately selects a best-fit partner.
  • Supplier Alignment: In addition to internal alignment, Procurement encourages effective, transparent communication across the supply chain. By providing suppliers with clear scopes and requirements, Procurement acts as a valuable intermediary to ensure long-term alignment.
  • Supplier Management: Procurement is valuable throughout the life of a supplier engagement. Once they’ve selected a vendor, the function supports ongoing management and oversees reporting, performance management, and any necessary corrective actions.

 

Even this is just the beginning of Procurement’s strategic value. Armed with the right resources and supported by a cultural of ongoing innovation, the function is uniquely equipped to drive organizational change. Source One’s consultants have spent decades making this argument. They believe the function has the power to serve as a leader for forward-thinking organizations.

Whether you’re looking to refine a single aspect of your purchasing unit – or totally overhaul your approach to Procurement – Source One’s spend management team is here.

Contact the Experts in Procurement and Strategic Sourcing

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