Key Points
- The three key imperatives to successful category management – know your stakeholders, understand your categories and deliver results
- Category management is a fundamental shift in the way an organization approaches procurement rather than an extension of the sourcing process
- In this webinar, experts discussed how a systematic and planned approach to category management can enable a business succeed
Category management is a strategic and holistic approach to derive the best business value while aligning the company’s goals with the external market. Category management is a new and different approach to procurement and not just an extension of the sourcing process. Therefore, to ensure a high impact category management initiative, there must be a clearly defined methodology, mindset, toolset, and roles and responsibilities.
In this webinar, we learned the basic tenets of category management and the key success factors. We also took a deep dive into the imperatives of category management and the key enablers.