What does collaboration really mean to procurement? What stands in the way of collaboration? And what’s required for collaboration to truly advance strategic objectives? There has been some discussion of that recently that I think deserves attention.
At Procurement Leaders’ Boston Forum 23 September, Michael Stammherr, VP of strategic procurement, explained the realities and the efforts to achieve sustainable procurement performance in such an environment.
There are at least two competing narratives about how business works. One says that nothing happens in business until someone sells something. The other says nothing happens until someone buys something.
Benchmarking – comparing your performance against others of equal size and in similar industries – is a favored practice for many business functions, including procurement. But CPOs take the practice one step further than most.
With the cost of capital low and corporate bank accounts flush, there may be more mergers this year, say some economists. Procurement will play a big role in these mergers, so it's good to see what's involved and how procurement has handled other mergers.
As marketing becomes an increasingly important area of spend for procurement, CPOs agree with the need to align themselves closer to marketing goals and build long-term relationships with stakeholders.
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