Welcome back! Just joining in? In my last post, I discussed 5 lessons the Olympics can teach procurement. Today, I’ll share the last 5 lessons:
6- Focus Under Pressure – Procurement is more focused than ever at getting a seat at the proverbial table. Demonstrating how procurement creates value is essential. In the past, the value procurement has provided has often been put into question. Today, procurement has the opportunity to change this perception.
7- Expect More – As procurement continues to change as a function, look for ways that the function can be more than what is expected. For instance, can procurement strive to be a revenue driver? Can it be the hero in avoiding risk? Can it undertake new approaches for maximizing shareholder value?
8- Keep Improving – Even when success is achieved, there is always room for improvement. In fact, many studies point to how skills in procurement need further refining in procurement where procurement teams often still lack the skills needed to deliver their procurement strategy.
9- Don’t Give Up – Even when goals have not moved along as quickly as expected, continuing to focus on the end goal will provide awards in the long run. By being ambitious and implementing forward thinking solutions, you will be better set for achieving those goals (or winning Gold).
10- Hard Work is Rewarded – The gold medal for procurement comes from improved savings, a wider influence, and better communication. In the end, hard work and ambition are recognized and rewarded when they can be effectively measured against bottom-line improvements and their impact on wider corporate goals.
What additional lessons can procurement learn from the Olympics? Share your thoughts by commenting below or tweeting @iasta. In the meantime, learn how you can accelerate your procurement team’s impact by reading this Iasta whitepaper.