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Procurement Initiatives (Processes or systems (ongoing active category…
Procurement Initiatives
The organization
procurement must have a ‘seat at the table’
finance's participation is needed to measure success
change the organizational model
complete transparency of current spending
Processes or systems
ongoing active category management
integrate product engineering with procurement
enforce demand management policies
tight control of frivolous spending
more than 95% of spending should be with preferred suppliers
separate strategic activities from tactical buying activities
Suppliers
change the nature of supplier interactions
cultivate supplier relationships
actively monitor contract performance
streamline the contracting process
leverage supplier capabilities
People
establish career paths for procurement professionals
skills development
stakeholders to play a role in spending management
finance personnel must correlate savings with budgets