PROCUREMENT TODAY HAS THE OPPORTUNITY TO DELIVER SIGNIFICANT VALUE WITHIN AN ORGANISATION , PROVIDING IT CAN SUCCESSFULLY NAVIGATE MODERN COMPLEXITIES AND CHALLENGES
PROCUREMENT STRATEGY
MARKING ENT
PROCUREMENT TODAY HAS THE OPPORTUNITY TO DELIVER SIGNIFICANT VALUE WITHIN AN ORGANISATION , PROVIDING IT CAN SUCCESSFULLY NAVIGATE MODERN COMPLEXITIES AND CHALLENGES
I n an era of disruption , benchmarking is a vital tool for procurement functions to understand where their operations sit when compared to a given preference point , these insights can help an organisation to identify potential gaps that need addressing within their operations and how best to do so in order to stay relevant and maintain their competitive edge .
Fundamental to strategic benchmarking is data . However , “ in order to generate strong comparisons , organisations need to have the right kind of data . This should then be coupled with picking the right indicators , having an understanding of what it is they want to benchmark , and ensure fair comparibility in order to make affective use of the data ,” explains Mélani Flores , Practice Leader , Procurement & P2P Advisory EMEA , at The Hacket Group .
With this approach , organisations can generate high quality analysis , leading to better , data-driven decisions . “ Adopting a more robust process such as this can help organisations to create a baseline of where they are now in order to understand where they need to be , and the gaps that need to be filled . Communicating the findings can also drive collaborative efforts both internally and external to identify and adopt best practices ,” says Flores . procurementmag . com 37