Future Purchasing

A recent LinkedIn poll conducted by Future Purchasing revealed that cost savings is the most preferred procurement performance metric. However, the poll also highlighted the increasing significance of risk management, sustainability, and customer satisfaction in the procurement strategy mix for 2023/2024.

This blog post unpacks these key metrics and their importance in procurement. Read more insights here: https://futurepurchasing.com/procurement-performance-metrics/

Eight Essential Procurement Performance Metrics For 2023 | Future Purchasing Explore the interplay of cost savings, risk management, sustainability, and customer satisfaction in procurement for 2023. Discover actionable insights and expert opinions on balancing key procurement performance metrics in our latest blog post.

🌐As we approach 2024, procurement teams anticipate a rise in budgets and are considering leveraging this increase to optimise further and strategically enhance their business buying practices.

Much like digital procurement tools that streamline purchase decisions and automate routine tasks, technologies such as analytics and insights tools, automation, and AI are being eyed by procurement leaders for investment.

These advancements aim to improve efficiency and future-proof businesses, positioning procurement as integral to achieving key organisational goals. The era of intelligent business buying is upon us, where the impact of procurement on overall company success is increasingly recognised.

Discover more about this new study conducted by Amazon Business: https://www.sdcexec.com/sourcing-procurement/procurement-software/news/22879751/amazon-business-procurement-teams-expect-budgets-to-increase-in-2024-study

Procurement Teams Expect Budgets to Increase in 2024: Study A majority of procurement teams expect their budgets to rise next year, and many leaders are evaluating how they can further invest in tools and technologies to deliver optimization and a more strategic approach to business buying.

“The organisation was facing big challenges and was ready to do whatever it took to overcome them. Rules and boundaries were developed so that the joint teams became empowered, and this became a ‘game changer’ for C&P.”

Although the significance of adopting a category management approach was widely acknowledged at Petroleum Development Oman (PDO), the real challenge lay in fostering collaboration with the business.

This challenge emerged due to the historical tendency of the Contracting and Procurement (C&P) team to operate in isolation.

To delve deeper into this issue and discover how it was addressed, we invite you to explore the case study for further insights from Said Al Alawi, Former Head of C&P:https://f.hubspotusercontent20.net/hubfs/2434470/2022%20CatMan%20Report%20Case%20Studies/FP_Case_Study_PDO_Case_Study.pdf