BLOG

Top Three Category Management Best Practices

Sep 8, 2017

With the booming retail industry, category management has become an uphill task for category managers who fail to adopt the category management best practices that can turn around the organizational profitability. Organizations must invest in resources to gain an in-depth understanding of their supply chain, identify opportunities, and drive informed decision making. Category management best practices help identify and assess supply market, evaluate supplier options, and monitor supplier performance. SE_Demo2With the help of category management best practices, procurement managers can identify the category drivers, resources, and outline the processes.

#1 Category Management Best Practices – Who?

The first and the most important thing for category managers is to gain an understanding of the category drivers. Category management cannot be effectively carried out in silos. Instead it is a shared philosophy, responsibility, a continuous process across departments within the organization that drive supply chain efficiency. Every individual in the organization must understand the category management philosophy communicated by procurement managers to get inputs and suggestions from different departments.

#2 Category Management Best Practices – What?

Category managers must know what are the resources that were invested to ensure effective management. Category management is a continuous process with different responsibilities right from planning to supplier management and financial accounting. Thus, category managers need to be trained in different areas and constantly update their skill sets.

#3 Category Management Best Practices – When?

It is essential for organizations to know when the process and operations are carried out along with the required performance measurement framework. Consistency in process evaluation is the key to ensuring a regular maintenance process for category management. The procurement managers must enlist key performance measurement metrics that help them assess the effectiveness of their strategies and measure the overall performance.

To know more about category management best practices

Get More Info

Related Articles:

Recent Blogs

5 Pro Tips for an Impactful Procurement Process

5 Pro Tips for an Impactful Procurement Process

What is a procurement process? Over the years, procurement process cycle has received a lot of attention as organizations across the globe have changed their focus from tactical functions to strategic business units. As a driver of major purchasing decisions, the...

read more

Industries

Services

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

Infiniti Research, Inc. BBB Business Review

Better Business Bureau

Transitioning your category procurement strategy beyond cost-saving and into a strategic function of the organization.

The Pivotal Role Played by Contract Management in the Transportation and Logistics Industry – Actionable Recommendations

The Pivotal Role Played by Contract Management in the Transportation and Logistics Industry – Actionable Recommendations

Staying ahead of the curve, mitigating errors, and preemptively addressing risks can propel a company forward in the most challenging industries, making growth viable and achievable for all businesses with the right systems. SpendEdge emphasizes the value of proper supply chain management, strong supplier relationships, and efficient sourcing, contracting, and procurement processes. Achieving these goals can be difficult, time-consuming, and negatively impactful if implemented inaccurately. Therefore, automation, digitization, software, and embracing established systems is imperative for a positive and fast-climbing growth trajectory.

read more

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars
Request Free Proposal