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Blog Pick of the Week: Six Traits of Procurement Excellence

Blog Pick of the Week: Six Traits of Procurement Excellence

Definitions of excellence are constantly changing. A friend of mine is in rehab, gaining strength and learning to walk again. A few years ago, hiking, swimming and running was no big deal. Now it is excellent for them to walk down the hallway without resting. 

The same is true in procurement. What skills have been utilized in the past are not enough anymore. We have seen that in many of the articles and publications that have been reviewed by Buyers Meeting Point.

This blog from procureXcellence discusses Six Traits of Procurement Excellence. Once again, we learn that being a good negotiator is not enough for procurement professionals. In the past that was all that mattered but now there is so much more. This was published by Robert Brindle who has accomplished a great deal while transforming procurement organizations.

Here are highlights of the six traits.

“Leading companies align procurement strategy with the overall goals of the company. These companies also engage more fully with other business functions to address a larger percentage (94 percent) of external spending.”

“Leading companies consistently outperform other companies in contributions to top–and–bottom line strategies.

• “Leading procurement organizations excel at risk management by anticipating, tracking and planning mitigation strategies covering a wide range of threats.”

“Leading companies use supplier relationship management (SRM) processes more consistently than followers

“Leading companies are far more advanced in their adoption of technology.

“The leading companies are more forward-looking and bold in their approaches to recruiting and retaining top talent, including establishing relationships with universities and using a systematic approach to managing a more diverse and dispersed workforce.”

Since none of us are perfect, which of these are strong traits for you? Which need some attention to get better?

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Thursday, 13 August 2020

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