3 ways to drive value through procurement

Kevin Frechette
CEO & Co-Founder
Fairmarkit
5-minute read

The procurement function is rapidly evolving, gone are the days of tunnel vision focused on driving down costs and executing contracts. At Fairmarkit we are looking beyond the spreadsheet, here are 3 ways to drive value as a world-class procurement organization:

Use technology to empower. Procurement is one of the few departments that impacts almost every role in your organization, by making this relationship user-friendly and utilizing collaborative technologies you’ll be ahead of the trend. According to Gartner, by 2019, 40% of procurement and sourcing suite vendors will modernize their user experience to improve the ease of use and user adoption of their tools and incorporate some cognitive capabilities into their solutions.

Just say no to isolation. Utilize solutions that promote collaboration internally and between the procurement team and vendor. Encouraging teamwork and partnership in procurement fosters robust communication and cost-savings to internal teams and vendor relationships. Sourcing and procurement have long evolved from their back-office ancestors of the past, placing these departments at the forefront of your business boosts innovation and increases transparency.

Source strategically. Continually evaluating and improving your purchasing activities can improve your speed to market, streamline your network of suppliers and ultimately increase your bottom line. Remember to work smarter, not harder – use the resources and technology available to you to make this process easier and more efficient.

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