Read more of our insights on elevating the Procurement function to drive the business forward.
Source One’s spend management experts join a series of thought leaders from across Procurement to offer their insights on this ever-popular topic. Want to learn more about what Procurement Transformation could mean for your organization.
Throughout this series, Source One’s Procurement Transformation experts offer tips for optimizing each of Procurement’s pillars. From the function’s people to its strategic role within the organization, it offers the best practices you need to build a world-class business.
Learn more about how Source One’s Procurement Transformation team supported a member-owned federal credit union.
Source One’s Procurement Advisory experts help clients to establish a baseline for their Procurement maturity and craft a long-term vision to support value generation across all functions. Our Procurement Roadmaps provide a business case for building a solid foundation with Procurement’s People, Processes, Tools & Technology, Metrics & Reporting, and most importantly, its Role within the organization.
This case study is an example of how our Advisory team assessed the Procurement function’s current state, built a detailed roadmap, and supported a federal credit union in realizing the opportunities presented.
The organization approached Source One for support in optimizing its Procurement function and empowering it so serve as a trusted business partner.
New leadership within the organization’s Procurement department wanted to revamp an outdated procurement policy. The policy could no longer support the business and was ignored by stakeholders across the business. The new leaders were also interested in introducing technology that would modernize Procurement’s operations. To secure the necessary investment, they needed to build a compelling business case. While the current sourcing team was respected by stakeholder community, unclear processes and misaligned priorities made it difficult to collaborate effectively. Additionally, the organization’s structure led to misalignment between Procurement’s job descriptions and its actual day-to-day responsibilities.
Source One initiated the project with a rigorous data collection process to attain information relate to Procurement’s People, Processes, Tools, Metrics & Reporting, and Role. These included:
Source One reviewed this data alongside the credit union’s Procurement team in preparation for an on-site kickoff. During this week-long visit, Source One presented the project’s goals to all relevant parties including Procurement, Executive Leadership, Finance ans other departments like Internal Audit, IT, HR, and others. They ensured alignment on the project’s objectives, gained the necessary support, and clearly communicated new roles and responsibilities.
The next step was a series of interviews with relevant personnel to understand how Procurement and Sourcing was leveraged and determine the root cause for the organization’s concerns. The data collection and interview processes provided Source One with the fodder needed to:
The result of the next phase was a customized gap assessment and recommendation report to align Source One and the functional leadership team on the most promising opportunities for improvement.
The final milestone of the assessment phase was a detailed Roadmap that associated the identified gaps and opportunities with the custom recommendations. Some of the key recommendations included:
After gaining alignment from Executive Leadership on the plan of action, Source One worked closely with the Procurement and Sourcing team to act on the roadmap’s recommendations.
With support and collaboration from the Procurement and Sourcing team and functional leadership, Source One implemented recommendations across all of the function’s pillars. Some of these achievements included:
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