You have a full month of New Year’s resolutions under your belt.
Are you still on track to reach your goals for 2014?
Even if you’ve modified your original plans for a personal (or professional) lifestyle change, you don’t have to fail!
At Iasta, customer success is our obsession. We love sharing our customer’s success stories. We’ve put together 5 easy-to-keep goals and best practices that have helped our clients take their sourcing initiatives to the next level – and will hopefully help you, too!
1-Become a purchasing hero. In order to become a purchasing hero, you must embrace change – which is necessary in order to adapt to shifting external environments and business strategies. Transform yourself into a purchasing hero by taking on these characteristics:
- Bring knowledge capital to multiple departments.
- Inspire collaboration and cross-coordinate with as many internal stakeholders as possible.
- Adopt methods, tools, and processes that create best-in-class procurement organizations.
Cherlyn Decker (Procurement Director, AOL) is a perfect example of a purchasing hero. Listen to Cherlyn explain how AOL achieved $43M in savings and reached 100% adoption into seven new business units.
2-Migrate towards a center-led procurement structure. Center-led procurement structures incorporate supply chain strategies and strategic commodities, best practices, and knowledge sharing while leaving individual buys and tactical execution to the individual business units. By migrating toward a center-led model, your procurement team will be one step closer to making a stride toward modern sourcing excellence.
3-Clean up your dirty data. So, how clean is clean? Even if you have a clean cube of data, it still has to be laundered in order to make sense. Once you’ve cleansed and classified your data, you’ll be left with information needed to make the right choices when mapping out a sourcing action plan or other strategic initiative.
4-Collaborate to build stronger relationships. Decision making is a collaborative activity. Make it your mission to deploy a dynamic platform that helps you bring decision makers together.
But don’t just take our word for it. By using collaboration, AOL’s Procurement team was able to double their adoption within six months by becoming a strategic business partner to seven new business units. Click here to read how they did it!
5-Get the visibility factor. Spend visibility is critical for procurement organizations, and it’s often the most challenging for procurement pros to achieve. Without insight into your spend and sourcing pipeline, you could be losing out on hard dollar savings and efficiencies. Once you have the visibility factor, you’ll be able to answer questions such as:
- What is my largest spend category?
- What is my direct spend?
- Has our company spend grown or diminished over time?
There are some barriers when trying to gain more BI and visibility. Our latest whitepaper shares why CPOs are needing BI now more than ever before and how you can avoid failing with your BI solution.
What goals do you have for 2014? Share how you’re staying on track and other best practices by commenting below or tweeting @iasta.