Awards are a worthy investment, even if the going's tough

The world is on fire. The financial market is in meltdown. Confronted with this kind of environment, now would surely not be the appropriate time to boast about achievements? In fact, that kind of thinking is bogging down business and functions and we’re seeing that forward-thinking companies are prepared to shout about what they’re doing well.

Entries to this year’s Procurement Leaders Network Awards (PLN) have increased by 46% and put the event to the centre of the CPOs calendar.

Already globally renowned, the awards are now suitably positioned as the benchmark for procurement excellence worldwide. With record entries and a record number of organisations represented, this year’s awards is set to be the biggest event of its kind.

As the entries flooded in, we at Procurement Leaders were pleasantly surprised to see that in the midst of financial uncertainty, companies from across the globe and from all industries were willing and even eager, to put themselves forward.

Companies who had suffered from difficulties over the last few years - whether that was financial, geographical, cultural or commercial - were still absolutely inclined to enter and be recognised for their achievements.

Like last year’s winners, such as Anglo American, Delphi and Unilever, this year’s entrants are planning to use those achievements as an incentive for future financial growth within the company. Even the smaller procurement organisations are keen to be assessed alongside the more resource-heavy companies.

Winning a Procurement Leaders Award signifies your company as an industry leader, driving innovation against that of your peers, encompassing categories such as Procurement Leader, Innovation, Future Leader, Public Sector, Transformation and CSR.

As last years winners Tata Steel testified: "[We are] thrilled and delighted to be recognised for the innovative sourcing approach that supports our community."

Procurement is still in a position to create and demonstrate value - even in, or perhaps especially in, times of economic strife - and the profession is increasingly keen to make it known that they are making an impact. In that case, there’s an argument to be made that an award entry is an investment in the morale of the people in the procurement function. To lift morale would be to encourage future talent, more financial growth, value, and sustainability.

It is creating that adrenaline-fuelled atmosphere of being recognised for exceptional procurement initiatives that would seem to encourage the generation of new ideas, talent, innovation and excellence. This is surely what procurement would like to be acknowledged for as a strategic partner in the company.

In other words, being involved in such events has a long-term investment across all areas of the business. Competition and the desire to be an industry leader drives innovation within the industry and could potentially be a strategic move itself to benefit the company.

Charlotte Iggulden is a marketing executive at the Procurement Leaders Network