First class procurement can save your company 10% of the costs

The key to success and to obtain the valuable savings, this article brings out the following three main areas:

Structure and processes. "Leading companies create clear roles and decision rights for cross-functional teams. They develop category strategies to capture full potential value from each category so the chief of procurement can take control of the spending agenda and create strategic alignment on the savings plan."

Talent and skills. "World-class procurement teams have the talent and skills to deliver market expertise, analysis and insights to the business. They build cross-functional teams and partnerships within the business to make sure procurement insights become part of decision making."

Tools and systems. "Successful companies invest in tools that provide spending visibility and track supplier performance, including metrics and a procurement savings dashboard."