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October 26, 2012
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Procurement Best Practices 5: Nurture a Culture of Improvement


Procurement Management Best PracticesA company that is fully engaged in procurement management best practices knows that their management team cannot become complacent after putting a systematic purchasing plan into place. You don’t want your company to just be good enough at purchasing adaptability – you want to be the best you can be. The procurement manager must constantly be on the lookout for ways in which to improve the efficiency of how the purchase of goods and services are integrated into the entire company environment. Continuous monitoring of your supply chain, vendor relations and learning about innovations is all part of a well-balanced plan. 

Are you simply collecting data and allowing it to gather dust? 

Many companies are good about keeping records on purchase requests, purchase orders, purchase receipts, items purchased over time, delivery dates, inventory levels, etc. However, there’s no point in having all of this information if it’s going to just sit in a physical or computer file with no one bothering to read and analyze it to help make procurement decisions. The procurement manager, or another qualified employee, must be designated to access this data, review it and see if there are any gold nuggets to be had. You may think that you have all of your procurement solutions settled, but what if there are still a few delivery or pricing issues? You’ll never know it unless you stay on top of the supply chain data. 

Are you networking with vendors to see what’s new? 

A great way to find out about any new innovations and trends happening in your industry is to stay connected to vendors who offer products and services you use on a regular basis. Begin networking with vendors at conferences, business groups and industry gatherings. The best vendors are going to have current information about any exciting advances in technology or processes that may help your company stay on the cutting edge. Networking is also a good way to meet vendors who share your business model vision and are open to a mutually satisfying purchasing arrangement. 

The bottom line is that while it’s a good idea to have a top-notch procurement strategy in place for your business, in order for this plan to stay effective and cost efficient, you should make an effort to continuously keep searching for procurement solutions that will add additional benefits to your supply chain management structure. 

Related Posts:

Procurement Best Practices 4: Strategic Partnerships With Suppliers

Procurement Best Practices 6: Implement a Cross-Functional Approach

Procurement Best Practices 7 : Smart Use of Advanced Technology