Shifting the procurement team from tactical focus to strategic transformation can be a long journey for a company. But this journey can actually make the difference between company’s definite success or failure. There are several actions to be tackled in order for procurement to gain deep business insight, react quickly to the changing needs, drive higher overall value and improve stakeholder satisfaction. Investing in activities to elevate the role of Procurement within an organization, moving beyond the traditional role of gate keeper and cost hunter will definitely bring added value to the organization.
Procurement in Twenty 20 will mean developing new value propositions, meeting new business needs, and integrating data across functions. It will call for using data pro-actively and intelligently. Perhaps more importantly, it will require a fundamental reshape of Procurement organization and its capabilities to take on new challenges.
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