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Procurement functions in most companies are facing a dilemma: should they focus on tactical measures to save cost or on maturing into strategic functions? Does a middle ground exist? Invariably, companies give in to cost-saving pressures. After all, every sourcing dollar saved accrues to improve the bottom line, top line and balance sheet. In this trade-off, the opportunity to become a strategic partner aligned closely with business goals is lost.
In order to enhance their function’s strategic quotient, procurement leaders need to employ certain enabling levers:
Look beyond delivering dollar savings to the bottom line. It is crucial to align with the overall business strategy and dovetail strategic procurement initiatives to enable business objectives
Address challenges such as stakeholder engagement and expectations, resource management and skill-set gaps to maximize strategic contribution
Treat the shift in mindset from tactical to strategic as a change management exercise that requires a deliberate and programmatic approach
For businesses operating in a hyper-competitive market, procurement’s evolution into a mature strategic function is a business imperative. The function’s evolution will catalyze the achievement of business goals and boost responsiveness toward stakeholders’ strategic pressures.