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As companies change to keep up with technology and digitization, procurement has exited its historical ambit where it was just an avenue to reduce expenses. Procurement’s role in the modern corporate framework has been elevated, thanks to several factors such as globalization, emerging technologies and changing trade policies. Today, procurement has found a place in risk mitigation, optimization of market expansions and mergers.
To maximize the potential offered by procurement, companies should have a more proactive and strategic approach backed by the Next Generation Operating Model. This model allows companies to maximize spend, effectiveness, efficiency and reach. Businesses can use this model to:
To make procurement a more agile function, organizations should focus on value generation. They should also deploy the right frameworks to capture, organize and reuse organizational knowledge.