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Procurement, a historically tactical, back-office function, has been elevated as a strategic business partner within the corporate framework. Today, it is increasingly involved in risk mitigation, optimizing market expansions and mergers, and pushing efficiency through innovation.
The Next Generation Operating Model is a strategy-driven, category-based approach that can help businesses optimize their procurement functions. By leveraging this model, companies can increase spend more than ten-fold and maximize effectiveness, efficiency and reach. Businesses can deliver broader value beyond cost savings using this model by:
With technology accelerators such as artificial intelligence, robotic process automation, advanced data analytics and blockchain fueling digitization, the imperative for procurement is to become a more agile function. Companies looking at making their procurement functions more responsive and value-oriented should remember that there is no ‘one-size-fits-all' solution. They will have to evaluate the unique strengths, challenges and market conditions that are likely to impact the business while shaping their strategies.