5 ways to make procurement more effective

The Hackett Group, a Miami–based consulting firm, recently released a report that identifies five strategies to ensure more cost-effective and efficient procurement, reported Supply Chain Quarterly.

Hackett used its procurement benchmarking database to identify companies with exceptional procurement operations and then compared their procedures to those of other companies in the industry.

Here are the five strategies for more efficient procurement that Hackett identified in its report.

  1. Adopt a formal service delivery model that centralizes both transactional work and more high-value work.

  2. Apply new digital technologies to improve processes.

  3. Embrace advanced analytics that monitor external conditions and suggest business decisions or actions.

  4. Design services and processes around the customer's efficiency needs.
  1. Designate more staff members to perform strategic activities instead of transactional, compliance-focused ones. 

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