Did you know that every department in the organization views procurement as a financial barrier instead of a strategic partner? The marketing function has often looked down on their procurement counterparts as a function that believes in quantifying everything and clipping the creative abilities of the former. Marketing believes that procurement is merely a finance function that takes into account the cost, figures and numbers aspect while making any strategic decision. But, with the recent drops in the global budget forecast and spend ability thanks to Brexit, it’s time that other functions including marketing, build a strategic partnership with procurement.
Procurement and Marketing – The New Best Friends?
It is a universal fact that all functions have a common motto – to sell things profitably. It’s high time marketing and procurement kept aside the tension that has kept brewing between them for ages now. Marketing and advertising require to connect with the purchase and sourcing department and form strategic partnerships to make tactical decisions. Owing to Brexit, organizations across the globe are on a budget-cutting spree. Organizations can leverage supply market intelligence and the experience that procurement brings to the table along with marketing creativity to drive profitability. Hence, it is imperative for both the functions to build a constructive relationship embarking on a journey to drive cost effectiveness and efficient spend management.
Evolving From Being a Bogeyman to a Strategic Partner
Top purchase and sourcing professionals believe that marketing should makes procurement their quarterback, so as to optimize spend and achieve cost efficiency. Since ages, marketing looked down at its sourcing counterparts as a bogeyman who just lengthened the purchase process and continuously strived to gain value for money. But today, organizations are building dedicated marketing procurement teams to support a multitude of strategic aims and contribute to various business challenges. This transition requires both the teams to cooperate and coordinate with each other. Marketers need to be more welcoming towards the procurement professionals while the latter should assist the marketers and build a strong rapport.
At SpendEdge, we provide our clients with granular supply market insights that help them to make strategic decisions, drive cost savings opportunities, thereby creating a win-win situation for them in every market.