Implementing Your Strategic Procurement Plan

July 13, 2022

Once you outline your goals and strategic policy, it is time to implement them. Ideally, procurement managers will supervise all aspects of the strategic procurement plan to ensure that all processes are functioning correctly and thoroughly followed.

Secure Stakeholder Buy-In

After developing your strategic procurement plan, it's necessary to involve upper management and key stakeholders. Present all aspects of the plan, focusing on how procurement decision-making can become more effortless and streamlined and will help the organization better align with the overall business strategy. Answer any questions and agree on processes before moving forward. Departmental buy-in throughout the organization will make procurement plan adherence much easier.

Utilize Procurement Software

You can automate your processes with procurement software, available from various service providers. Procurement software is customized for each business to automatically assist in streamlining identified processes and fulfill strategic objectives in procurement.

For example, Fairmarkit is an intelligent sourcing platform that empowers your organization to purchase the goods and services you need more efficiently. Fairmarkit helps you develop an effective, automation-led sourcing strategy for your purchasing needs, keep track of your goals through reporting, and identify opportunities for further optimization of your sourcing strategy. 

Refine Processes

As technology and supply chain processes evolve, you should update your procurement plan periodically to meet growing needs. Management and service delivery methods continually become outdated in the era of modernization. Hence, continual improvement should always be the primary goal of any process or industry.

Each organization is unique. Stand out by providing quality services, considering your employees and customers, and focusing on growth. Instead of copying what works for other organizations, you should identify what works best for your organization. Once you've identified areas for improvement in your existing procurement process, test new strategies, identify best practices, and then update and document your processes. 

Understanding the importance of developing and utilizing a strategic procurement plan and procurement software to reduce overall spend and cut tail spend costs depends entirely on how well you want your organization to diversify and expand. Fairmarkit helps bring your goals into reach. Download our eBook on tail spend management, or request a Fairmarkit demo and see how we can assist in your procurement planning and processes.

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