Developing the Modern Cost Containing Strategic Procurement Function

The procurement function has always been a major contributor to an organization's cost management efforts, but the role is expanding. The modern procurement function can be a strategic facilitating function, providing a competitive advantage through cost and supplier management leadership enhanced via technology.
-Lena Haram

Procurement has been one of the last functions to fully cross the line into the digital transformation. The function is emerging as a key player in strategic cost management across the organization, as opposed to being a purchaser of goods and services or a manager of spend categories. Instead of completing transactions as directed by other functions, it is increasingly viewed as a partner in strategic planning and execution. Cost containment remains important, but the difference is the modern function participates in enterprise strategic planning, ensuring alignment of supply chain activities to support organizational goals over the ...

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