Procurement Trends for 2015

No matter what kind of business you have as long as you buy and sell products and services, you need to consider the grand opportunities to optimize projects as well as procurement processes to help you save money and business time.

The landscape of business constantly changes and the collaboration systems as well as the handling grow more complex to compete for better and bigger business. As you start planning for 2015, you should consider these growing trends for procurement and project management in your marketing strategies:

  • Deliverable Project Management – Businesses should deliver project that are more complex in a timely manner in order to keep competitive. Make your staff even more productive and focus on deliverables while you manage projects. Also, focus in empowering your employees through the use of technology to be able to work on deliverables successfully.
  • Collaborative Sourcing – Sole sourcing, rate cards, contracts and auction sourcing strategies varies in their own way. A savvy business must consider collaborative sourcing. By having capable suppliers, project costs can be cut down by 20.7% significantly. To start optimizing your procurement projects and bid collaboratively, begin with organizing your current supplier community via groups according to their existing behavior, core competencies, and response time. These groups will allow you in managing your supplier rotation effectively and elicit the best estimate and lowest cost.
  • Collaborative Change Management – You need to invest in a system where you can collaborate on project needs even before the project is estimated. System of record can avoid errors, expensive rework, and missing communications regarding the project.
  • Results – Companies which use innovative procurement and project management methods manage greater volume of more complex projects. These advantages allow industry innovators to compete for better and bigger business, grow quickly and be prepared for the future.
  • Embracing Transformational Changes – When you experience transformational changes in the process of procurement, you can leverage internal as well as external data to alter focus to strategic purchasing versus tactical procurement.
  • Innovative Strategic Buying Plans – With high level of detail about procurement, you can make strides for procurement excellence by analyzing data such as price discrepancies and mitigation. You should be able to apply strategic approach to purchasing so that purchasers can make practical decisions.
  • Improvement Cycles – Achieving procurement excellence may face a difficult point such as managing change. It is due to the fact that senior leadership understands a need for innovative procurement practices. You must recognize the need for comprehensive change management and achieve procurement excellence with discipline and focus.
  • Develop Procurement Staff – You should have the right people to support your long-term procurement success goals. You also need to be fully equipped with supply management strategies and embrace the organization’s better approach for procurement.

Transforming your practices in procurement will take a lot of time and will need a skill for your staff. Building a strong foundation for skill is an integral part to help create lasting change within your organization. To manage change includes your staff and honing talent within the chain of supply. Buyers who tend to be more strategic in nature should be matched with excellent strategic thinking skills.

Of course, you need a great strategic thinker to apply market conditions to certain situation. Most organizations implement career and training tools to help promote skill alignment as well as develop their talent even more. By rewarding strategic ad innovative thinking, your procurement staff can transform in order to foster more effective decision-making.

Organizations are significantly increases and you need to focus on reducing the cost while boosting the performance of your business. In order to achieve their corporate goals, they turn to constant improvement tactics. With combined information expertise, and analytics with best strategies, you can pinpoint their weaknesses and effectively find solutions on these issues to attain your goals such as organizational profitability and overall business performance.