The value of a BSM platform for procurement leaders
DIGITAL PROCUREMENT
The value of a BSM platform for procurement leaders
1 . Greater effectiveness by optimising spend and liquidity
2 . Greater efficiency by improving operational processes
3 . The opportunity to increase agility and mitigate risk more than cost savings . If you can control your spend the right way and think about it as reallocation and not just savings , you could be working on maximising revenue opportunities . There ' s really a broader remit that procurement has , but there ' s not always a broad understanding of what it is they ' re trying to accomplish beyond just savings .”
What are the best practices for adopting a BSM platform ? First things first , Schanker starts by highlighting the need to understand all internal stakeholders , and who will be impacted by a BSM platform . “ Folks don ' t
“ I think specifically in the moment that we have all found ourselves in over the last year , you ' ve got CEOs and boards demanding more agility out of the business . In order to display agility as a procurement leader , a supply chain or a finance leader , you really have to have visibility and control and understand where the dollars are flowing , and how those decisions are being made so that if you need to re-allocate any of those funds or you need to stop spending or start spending in a new area , you have the ability to do it quickly . That ' s really what CEOs are asking for when they ask for more agility in the business ,” says Schanker .
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