I hope that you have enjoyed the article “Procurement Strategy Do’s & Don’ts, Part I.”
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This article – and the forthcoming Part II – were based on a podcast that I recorded with Coupa’s Ravi Thakur. For a procurement strategy-packed 30 minutes of education, I highly encourage you to download it from our podcast page and give it a listen!
Part I of this series has five sets of procurement strategy do’s & don’ts and Part II will have three more sets. But that isn’t all that came out of the podcast. There is one more set of do’s and don’ts that I will post here as a bonus for you, my loyal blog reader!
Ready? Here goes…
DON’T underestimate the value of having a good procurement system. DO implement tools that maximize your ability to capture spend. “A good procurement platform is typically the second most-used piece of software within a company, besides email,” notes Thakur. “A good procurement tool is going is going to get you 80 to 100 percent of all your spend under management…Everyone within the company is going to be leveraging and using that technology. There [are] very few solutions out there of any type of software that [are] are really used by most people within an organization…That should be your goal as a procurement executive because, if you don’t have that, then your procurement strategy – odds are – that it’s going to fail.”
There ya go! Stay tuned for Part II coming out in a future edition of PurchTips!
