New sourcing strategies, Identify new suppliers, Negotiate better prices /Procurement Magazine, 2022/
As per Procurement Magazine, 2022:
Procurement transformation can involve a range of activities and initiatives that are designed to improve the way an organisation procures goods and services. Some examples of these activities might include:
Implementing electronic procurement systems
By replacing manual, paper-based procurement processes with electronic systems, organisations can reduce the time and effort required to purchase goods and services. Electronic systems can also make it easier to track and monitor procurement activities, which can increase transparency and reduce the risk of fraud or corruption.
Adopting new sourcing strategies
Procurement transformation can also involve adopting new sourcing strategies that help organisations to identify new suppliers or negotiate better prices for goods and services. This might include implementing a total cost of ownership (TCO) analysis to identify the true cost of goods and services, or conducting a supplier analysis to assess the performance of current suppliers.
Implementing new processes and procedures
Procurement transformation can also involve introducing new processes and procedures that help to streamline and improve the efficiency of the procurement process. This might include implementing new policies or procedures for approving and tracking purchases, or introducing new tools or technologies to automate certain tasks.
Training and development
To successfully implement procurement transformation, it is important to ensure that staff are trained and equipped with the skills and knowledge they need to carry out their duties effectively. This might involve providing training on new technologies or processes, or offering ongoing professional development opportunities to help staff keep up with industry changes.