Fundamentals of Procurement: The 10 Tenets of Strategic Procurement

Course details

Procurement is at the centre of every organisation's strategic success.

In line with this, the Deloitte Global CPO Survey found 73% of procurement leaders believe they have the support of their organisation's leadership.

Procurement's performance determines whether our organisations overcome their challenges and threatsand whether they realise their various opportunities. Procurement therefore determines whether theirorganisations survive and thrive. Fortunately for us in procurement, applying the 10 Fundamentals ofStrategic Procurement enables us to successfully fulfil this critical role.

Unfortunately, again according to Deloitte, only 26% of CPOs rated the effectiveness of procurement as a strategic business partner as excellent. There is a huge opportunity here for us procurement professionals, especially as 51% of these procurement leaders believe their current teams do not have sufficient levels of skills and capabilities to deliver on their procurement strategy.

These 10 Fundamentals of Strategic Procurement are our armory of tools, processes and skills. Best in class procurement teams use this to deliver on their organisations' strategies. These teams drive significant savings, improve quality, ensure security of supply, drive innovation, move towards sustainability, accelerate time to market and build in the flexibility to meet customer needs.