Have you been searching for a professional organisation that can provide assistance with procurement transformation? Then you need to contact the experts at RightSpend today! We’re the number one data driving online marketing procurement platform, which is why many clients continue to work with our team. We’re confident in being able to advise all clients sufficiently, which is why our staff go above and beyond whenever necessary to deliver first-class service.
Our team aim to build up lasting relationships with clients and help them achieve their long-term goals through our procurement transformation services. To get started, you need only reach out to our staff today and bring to them any queries you have. We’re always willing to provide information to potential clients, so don’t hesitate to get in touch if you believe we can be of assistance. Reach out to our friendly team today by filling in our online contact form, and we’ll reply shortly.
Challenges to Procurement
There are a number of challenges facing companies in the modern-day when it comes to procurement. As procurement has continued to evolve, so too have the issues that companies come up against. Long gone are the days where reducing cost was the only concern for firms looking to improve their procurement situation. By working with a team such as ours at RightSpend, you can ensure that you understand the procurement challenges you may face and are better equipped to combat them.
One of the main challenges that firms come up against when dealing with procurement is risk management. It is now vital for you to engage with both tier-one and tier-two suppliers to ensure that they are in good financial standing. As part of this procurement challenge, you must also pay attention to the vendors’ health and safety practices to ensure that they meet industry standards. Risk management has always been an important aspect of procurement and remains so today.
Another procurement challenge that firms now need to be aware of is maintaining reputation and brand image. If it is found that your procurement supply chain is violating industry or international law in some way, this will reflect badly on your firm. It is, therefore, essential to be especially vigilant when it comes to choosing your suppliers for procurement. By working with us at RightSpend and undergoing procurement transformation, we can make sure you tackle such challenges correctly.
Improving procurement is essential for all firms who wish to improve business practices and cost-efficiency. In order to improve procurement, it is essential to go through the process of marketing sourcing. Thanks to our state-of-the-art data–driven marketing platform, we at RightSpend can introduce clients to a range of different vendors so that they can identify one that would be suitable. Our staff will share their expertise at every stage to ensure that you make a suitable decision for your firm.
Operating a Procurement Transformation
To ensure that your procurement transformation goes off without a hitch, you must make sure that every aspect is handled correctly. This means that you should build an operating model that allows the transformation to go ahead without any issues. To do so, you need to consider several different areas, each of which are listed below. Our team will do their utmost to assist with the organisation of each so that you are not left in the dark regarding your procurement transformation.
Organisation and Governance
The best procurement organisations will ensure that the following aspects have been taken into account during the transformation. First, dynamic strategies that are refreshed regularly and second, clear accountability and ownership for each category. Understanding the importance and impact of these two factors will be key to the success of your procurement transformation.
The best way to manage the processes involved in procurement transformation is to streamline them. The most high-performing organisations will also carry out rigorous contractor-performance-management processes.
Having the right personnel is a key aspect of ensuring the success of your procurement transformation. Your staff should have access to timely training and support across all elements of the procurement value chain. By valuing your staff in such a way, you will create an empowered culture that matches that of the top procurement firms.
To take advantage of a top-of-the-range procurement model, you must ensure that you have supporting IT systems. Such systems will include the use of a single procurement data source that will have a diverse spend portfolio. These systems should also include data standards for procurements data, which will make it easy to match contracts to categories before performing comparative analysis.
Foundations of Procurement Transformation
In order for your procurement transformation to go through as planned, you must adhere to some steps that are vital for any transforming project to succeed. The way these steps need to be approached will be different for every company, so it is essential that you plan according to your needs. Our team at RightSpend will, of course, be available to help offer advice and take you through this process so that there aren’t any unexpected pitfalls. Read on below to learn more about these individual steps:
Procurement organisations will cordon off factors such as speed, quality, cost, and compliance to accommodate to various customer segments. The most high-performing central procurement agencies will recognise the procurement capabilities of each customer assessment, which in turn allows them to deploy the required level of support. Identifying and recognising the needs of these different customer segments will allow you to better execute your procurement transformation.
The best procurement organisations will base their processes off of risk, cost, and other similar factors. By grouping similar goods and services into categories that are based on such factors, it will give you a clearer picture of the area of focus for your procurement. The organisation of each category is bound to be different, as it will reflect its unique spend profile. Our staff can advise you on how best to approach these categories.
Having spend transparency is vital to a successful transformation operation. You must ensure that there is an enterprise-wide view of spend. This will create a fact-base for resourcing decisions and will allow the transformation process to move ahead smoothly. This element of procurement transformation is crucial to get right, so don’t hesitate to reach out to our team if you have any specific queries.
Take Control of Your Data
Here at RightSpend, we are determined to help clients make the most out of their procurement transformation and take control of their data. We want to ensure that you end up with the most cost-effective procurement setup possible, so we’ll do what we can to help you at every opportunity. By being fully aware of the better supplier options you have available through a procurement transformation, you can begin to maximise cost efficiency for your business.
We can help oversee every aspect of your procurement transformation and will work closely with you throughout the process. Our staff can take you through every aspect of our data-driven platform and ensure that you’re fully aware of all the features that are available. We realise that procurement transformation can be a complicated process, so we will do our utmost to ensure that you’re fully informed at every stage.
End to End Transformation Solution
Our team are delighted to offer a complete solution for those looking to go through procurement transformation. We do everything in-house, so you’ll only be dealing with our experts. You won’t have to trouble yourself with third parties as our team will make all the necessary calls and keep you up to date on developments. When you choose RightSpend, you’ll be choosing qualified experts that deliver on all promises from start to finish.
By undergoing a procurement transformation, you will vastly improve the overall performance of your business. Our data-driven procurement platform will allow your staff to quickly overview vendors and come up with optimal solutions for your company. While procurement transformation may seem an intimidating process, to begin with, you’ll find that the advantages far outweigh any hassle. Besides, you’ll have our team on hand at all times to help as much as possible.
Define Procurement Strategy
The term procurement strategy is in reference to the long-term plan to acquire assets and supplies from proven vendors in a cost-effective manner. Vendors should be chosen on the basis of the quality of the goods they deliver, as well as their delivery speed and adherence to purchasing terms. Such a strategy is vital to improving procurement and making sure that your firm is operating as efficiently as possible. Our staff will be happy to discuss procurement strategy at length with clients.
Benefits of Transformation
There are, of course, many advantages to procurement transformation, which is why so many companies continue to go through the process. As well as being able to reduce procurement costs, your staff will also benefit from procurement transformation. Your team will be able to improve their skills and gain valuable insight into procurement strategy so that they can better perform their duties. Advantages such as a more knowledgeable workforce are why companies choose to undergo procurement transformation.
Assessment of Current Stage
In order for your procurement transformation to go as smoothly as possible, it is vital for an assessment to first be carried out. The RightSpend team will overlook your current procurement situation and assess the gap between where you currently are and what the optimal procurement solution would be for your firm. Once such a procurement assessment has been carried out, proper planning of the procurement transformation stage can then begin.
Once you’ve assessed the gaps in your current procurement and have finished outlining your objectives, you must define the scope of your procurement transformation. This step is vital as it will allow you to clearly identify what you will and won’t be doing as part of your procurement transformation. This, in turn, will mean you can correctly plan for each stage of the procurement transformation and maintain a steady schedule.
For all firms, it is important to remember that procurement transformation is a lengthy process that requires proper planning and patience. The transforming stage will need to be planned out through the use of a roadmap, which can be put together with the help of our team at RightSpend. Such a procurement transformation roadmap will outline the next 3-5 years, which is the average length that the transforming process takes. Such a roadmap will provide invaluable guidance for your firm.
Get Executive Buy–In
In order for your procurement transformation process to succeed, you will need a sponsor in the form of the CFO or COO of your organisation. As procurement success is based on stakeholder engagement, you will need to improve engagement for better chances of achieving your goals. It is essential for you to get executive buy–in from stakeholders, so it would be in your best interests to form a procurement advisory council that consists of key stakeholders. We can, of course, advise.
Contact the Procurement Transformation Specialists
So, would you like to work with the number one firm for online procurement transformation services? Then you need to get in touch with the experts at RightSpend today! We’re confident that we have the tools required to help all clients undergoing procurement transformation, so don’t hesitate to reach out if you believe we can help. Not only will this be an important step regarding how you handle procurement, but it will also open up new opportunities and avenues for your firm.
Our staff understand that procurement can be a challenging subject to get your head around, which is why we’re always willing to discuss our procurement services at length. We will consult with you for as long as necessary to ensure that you’re clued up on our procurement capabilities. If you have any specific queries about our procurement transformation options, be sure to reach out to us today by filling in our online contact form.