Most procurement professionals during challenging times would file the procurement procedure book in the round file cabinet and resort to a more “hand-to-mouth” strategy, but your procurement process can not only help you through challenging times, but also create a competitive advantage for your organization.
Competitive advantage is your organization’s ability to provide products or services that are better and/or provide more value than your competitor. Competitive advantages are typically developed over time, along with contributions from many different areas of your business.
An effective procurement process allows an organization to select an optimal portfolio of suppliers and align those suppliers to the organization’s mission statement. This can be done via favorable terms and promotes and incubates collaboration through cross-functional excellence.
