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In late 2021, The Hackett Group asked Procurement Leaders about their strategic priorities and initiatives for the coming year. After a rollercoaster 2021, how do we pivot and plan for a successful Procurementstrategy in 2022? . ACT AS A STRATEGIC ADVISOR TO THE BUSINESS . IMPROVE PROCUREMENTAGILITY .
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The Importance of Procurement in BusinessProcurement is the lifeblood of any business. It is the process of sourcing, negotiating, and purchasing the goods and services a business requires to carry out its operations. This can range from raw materials for production, to office supplies, to strategic partnerships.
To help you meet yours, we’ve compiled a list of 22 essential procurement KPIs that fall into three business categories: suppliers, staff, and operational. Supplier KPIs Suppliers, by definition, comprise a crucial link in your supplychain. After all, your shortages are their problem, as well.
If your industry has volatile inclinations or there is a supplychain disruption, a digital contract management tool can monitor and forecast those changes so that you can mitigate possible disasters. You are far more likely to secure new contracts and expand current ones by complying, and communicating early when issues arise.
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