{"id":3364,"date":"2014-08-26T16:16:00","date_gmt":"2014-08-26T16:16:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2014\/08\/26\/types-of-procurement-expertise\/"},"modified":"2023-06-05T06:23:56","modified_gmt":"2023-06-05T10:23:56","slug":"types-of-procurement-expertise","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/types-of-procurement-expertise\/","title":{"rendered":"Types of Procurement Expertise"},"content":{"rendered":"<p>I hope that you have enjoyed the article, \u201c5 Types of Procurement Expertise.\u201d<\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<p>My main goal with the article was to give some perspective about how broad one\u2019s capabilities must be to be successful in procurement today.\u00a0 I think that the article did that.\u00a0 But\u2026<\/p>\n<p>Are there only five areas of expertise that a procurement professional must have?<\/p>\n<p>Nope!\u00a0 There are even more.<\/p>\n<p>I can think of at least one more right now:\u00a0 business acumen.<\/p>\n<p>In our online Express Course series, \u201cProcurement KPI\u2019s &amp; Business Acumen,\u201d we share a definition of business acumen from the <i>Financial Times<\/i>.\u00a0 An excerpt from that definition is \u201c[b]usiness acumen is keenness and speed in understanding and deciding on a business situation.\u201d<\/p>\n<p>Some of the smartest people in the world don\u2019t have business acumen.\u00a0 They wouldn\u2019t be able to come up with a way to increase an organization\u2019s revenue or market share.\u00a0 They wouldn\u2019t be able to grow profits at will.\u00a0 They wouldn\u2019t be able to develop a new strategy that can take a business to heights it never achieved before.\u00a0 They can\u2019t talk to a senior executive on the same level and have an equal, mutual respect for each others\u2019 ideas, concerns, and hopes.<\/p>\n<p>Business acumen is a unique type of expertise.\u00a0 One that is increasingly being required of procurement professionals.<\/p>\n<p>As you can see, being a successful procurement professional isn\u2019t being good at one thing, like knowing how to get an invoice approved for payment or even executing a sourcing process on time and without challenges.\u00a0 It\u2019s many things.<\/p>\n<p>How many of these areas of expertise are you working to improve?<\/p>\n<p>Hopefully all of them.<\/p>\n<p><strong>Recommended Reading<\/strong><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/negotiation-steps\/\" aria-label=\"\u201cMore Negotiation Steps For Optional Procurements\u201d (Edit)\">More Negotiation Steps For Optional Procurements<\/a><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/procurement-pros-learn-leadership\/\" aria-label=\"\u201cProcurement Pros:  Learn Leadership Techniques in This Webinar on Wednesday!\u201d (Edit)\">Procurement Pros: Learn Leadership Techniques in This Webinar on Wednesday!<\/a><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/career-advancement-in-procurement\/\" aria-label=\"\u201cCareer Advancement in Procurement \u2013 Light at the End of the Tunnel\u201d (Edit)\">Career Advancement in Procurement \u2013 Light at the End of the Tunnel<\/a><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/the-sharks-are-swimming-around-procurify\/\" aria-label=\"\u201cThe Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing!\u201d (Edit)\">The Sharks Are Swimming Around Procurify \u2013 And That\u2019s a Good Thing!<\/a><\/p>\n<p><a class=\"row-title\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/procurement-stakeholders\/\" aria-label=\"\u201cIncreasing Procurement\u2019s Credibility With Stakeholders\u201d (Edit)\">Increasing Procurement\u2019s Credibility With Stakeholders<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I hope that you have enjoyed the article, \u201c5 Types [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.4 (Yoast SEO v19.13) - 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