Six procurement best practices:
- Establish a unified core for data. Making the right decisions, based on shared knowledge and common data and analysis, requires all information to exist with a shared viewpoint, language, and methodology.
- Create a dynamic information flow. When your information moves in a continuous flow among finance and planning, internal customers, and suppliers, your organisation can manage its procurement planning with greater confidence, collaboration, accuracy, and flexibility.
- Automate manual processes. Adopting digital acceleration tools can help eliminate manual transactional processes, providing easier access to procurement services, simplifying onboarding, and automating risk assessment and governance.
- Improve collaboration with critical suppliers. With emerging business opportunities, growing risk management and regulation, and an increasing awareness of corporate responsibility, relations with your supply network call for continual maintenance and communication of evolving operations.
- Adopt an automated, consumer-like model. While sourcing and procurement have traditionally been reactive practices, dependent on incoming requests, your organisation can take a more proactive approach that lets internal stakeholders access applications to initiate early engagement with procurement.
- Enrich planning capabilities. A cloud-based platform can provide internal stakeholders and partners forward-looking analysis that empowers them to make better decisions, explore more scenarios, and support a continuous, agile planning model.
INSEAD’s research shows that the problem of employee isolation is a structural issue facing many organisations. This article suggests tactics to manage the issue, including:
- Establish a benchmark and track it using survey tools.
- Create core teams based on where people spend most of their time or on shared affinities and interests.
- Incentivise team leaders to manage the problem.
A McKinsey global survey of 2,500 B2B companies found that those willing to shake up their sales models and embrace next-generation capabilities are growing revenue at twice the rate of GDP.
Insight, agility, talent, and technology continue to be the four most important dimensions in next-generation sales growth. But excellence in each of these areas looks far different today than it did five years ago.