The ability of procurement to squeeze the same year-over-year cost savings out of the same categories and suppliers has diminished, and a more creative and comprehensive approach must be considered to engage financial and tax expertise to continue to drive benefits, according to a recent article.
There are changes afoot, and what’s most important is not necessarily just the ascent to board-level recognition as much as it is a growing understanding of what procurement does and where its potential lies.
Risk management requires consistency, communication, effective monitoring and trust - the kind of qualities and activities that aren’t fully available to procurement without effective relationship management.
The Indian Space Research Organisation's latest achievements prove just how far a few million dollars can go and could provide a valuable lesson in procurement and cost-effective engineering to us all.
Procurement has its own lifecycle, and if you spend enough time in a senior role, you become familiar with the constant rotation of devolved and centralised responsibility. It’s a trend that has characterised functions for decades, but now, more than ever, the adoption of new technology has changed the viability of these decisions and what it means to decentralise a function.
There is, the saying goes, more than one way to skin a cat – as if you’d want to do that. Similarly, there are myriad management styles and personalities, most of which have a time and a place where they are the most effective. But is effective leadership always reliant on context, or is there such a thing as a ‘great leader’?
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