EXECUTIVE INSIGHT
how midsize businesses prioritise their procurement strategies to help them grow and remain competitive .
In this study , procurement executives emphasised the following ways digital technology is helping them remain competitive :
• Automating tasks and improved decision-making to help companies provide better service to customers and to remain competitive in the market .
• Identifying and assessing compliance risks in the supply chain to help strengthen policies to reduce the risks .
• Leveraging automation , robotics and AI to improve productivity and quality of services .
• Implementing new tools and features that facilitate collaboration and group interactions for increased efficiency .
Q . WHAT PROCUREMENT STRATEGIES CAN MID-MARKET LEADERS ADOPT ?
» In some cases , especially for newer companies , the procurement function might be something that is not established until years after a mid-market company ’ s formation .
Even then , it is usually built under a ‘ figure it out as you go ’ method , with business leaders seeing it as a backoffice function that is focused on cost savings rather than driving the business .
In today ’ s business landscape , however , the strategic importance of procurement has evolved .
Small to midsize enterprises now understand that suppliers are essential in reaching their business goals .
Given procurement ’ s central role in fostering collaborative and productive supplier partnerships , it has emerged as a significant asset for companies , acting as an agent of process transformation rather than a routine cost-reduction specialist .
To ensure their procurement tactics align with their business goals , mid-market procurement leaders can adopt several procurement strategies to enhance their operations and competitiveness :
22 July 2024