How to implement a procurement strategy?
We share our top tips to implement your procurement strategy. From stakeholder engagement to incorporating technology.
How to implement a procurement strategy
Implementing a procurement strategy requires several complex tasks. Some of the tasks involved are:
- Communicating the strategic plans to those who are not involved to secure commitment across all areas
- Strategy implementation requires careful framing of policies and procedures, establishment of operational targets/objectives and relating these to corporate objectives
- Allocating resources, budgets and employee training
- Continued monitoring once the strategy is implemented
To implement a successful procurement strategy, you need to heavily rely on people, processes, and technology.
To implement a successful procurement strategy, you need to heavily rely on people, processes, and technology.
Steps to successfully implement your procurement strategy
Implementing a strategy isn’t easy, especially when you must rely heavily on organisation wide approval and commitment. Here are a few ways to get internal and external stakeholders on board to help make implementing your procurement strategy a little easier.
- Create a solid relationship with suppliers and customers through a contractual approach that creates efficient boundaries and emphasises core competences
- Construct a procurement manual and best practice toolkit containing a process guide, including standard documentation and procedures to help staff.
- Simplify business processes.
- Improve communications with markets by publishing an annual procurement plan of forthcoming contracts.
- Ensure availability of appropriate training and guidance for all staff involved in procurement.
- Commit to continuous improvement of all procurement practices and procedures. For example, regularly review contract regulations and procurement manuals, establish procurement benchmarking reviews, and develop and monitor key performance indicators for procurement
How to get stakeholders on board with a new procurement strategy
The biggest thing to overcome when implementing a new procurement strategy is encouraging stakeholders to buy in to the new strategy. Here are a few ways to ensure that your new procurement strategy goes down well with stakeholders.
- Understand the ambitions of the new strategy and make sure it aligns to the project goals and objectives
- Involve the wider team in the decision-making process
- Work closely with the operations team to make sure you understand how they do their job and to identify the pressures they face
- Make sure your ideas are backed up with facts and a solid risk assessment
Procurement strategy key themes
Access the latest research, whitepapers and tools across a range of key procurement and supply topics.
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