How do we create procurement strategy?

Creating a strategy for the procurement function involves defining the objectives, goals, and plans for the procurement operations of an organization. It involves identifying the best practices and methods to achieve efficient, effective, and value-adding procurement processes.

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This is how we do it:

• Define procurement vision: Establish the overall direction and purpose of procurement.

• Conduct a procurement assessment: Evaluate the current procurement process, identify strengths and weaknesses.

• Set procurement goals: Determine specific, measurable, achievable, relevant, and time-bound objectives for procurement.

• Develop procurement plans: Outline the steps and actions required to achieve the procurement goals.

• Identify resources: Determine the necessary resources, including personnel, technology, and budget.

• Define procurement policies and procedures: Establish guidelines for procurement activities to ensure compliance and consistency.

• Implement and monitor progress: Put the procurement strategy into action, track progress, and make adjustments as needed.

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Creating a strategy for the procurement function helps organizations optimize their procurement processes, increase efficiency and effectiveness, and ultimately achieve their overall business goals.