What is the Role of Strategic Procurement in Procurement Marketing?
Strategic procurement entails managing procurement processes, and developing strategies to ensure the timely supply and delivery of required products, reducing supply chain risks, and keeping in line with the organization’s business goals. As supply chains become increasingly complex, utilizing procurement market intelligence, efficient strategies, and strategic procurement is imperative to growth, risk-free functioning, and cost-effective operation. Strategic procurement also accounts for total cost of ownership (TCO), and helps companies develop long-term plans that limit the impact of short-term challenges, and ensure sustainable expansion.
Companies require strategic procurement, planning, and clarity in the post-COVID era, and using it accurately is crucial. Attend our upcoming webinar to learn how strategic solutions and efficient procurement marketing can help your company recover in the coming year.
The COVID-19 pandemic led to a plethora of challenges along the supply chains of various industries. Rising costs, transportation and logistics obstacles, social and political issues, and increasing demand for digitization led to major changes, risks, and strategic requirements. Therefore, employing strategic procurement, and utilizing data have become an essential need for companies in every industry. Experts advise CPOs to leverage research-based insights, and actionable data-driven strategies to reduce costs, develop long-term plans, improve business relationships, and increase productivity.
How Can Strategic Procurement Help in the Post-COVID Era?
Long-Term Solutions: The insights and data acquired from strategic procurement can help companies identify and select the best fit suppliers for their marketing initiatives, while ensuring long-term cost-effective solutions. Identifying opportunities for cost reduction and increased savings can help companies maintain growth and improve their procurement marketing.
A strategic approach to marketing procurement can help your company champion the industry, and spearhead growth in the post-COVID era. Learn how certain best practices and plans can enable unparalleled growth and recovery for your organization at our upcoming webinar.
Align Objectives: While some options may be highly cost effective, they may not align with business objectives and be detrimental to the growth of the company. Developing a comprehensive understanding of a business’ goals, and aligning marketing and procurement objectives with them, can help streamline all promotional activities and mitigate the probability of harmful decisions.
Improved Supplier Relationships: Having clarity regarding the business’ marketing needs, targets and goals, can help develop more transparent, honest, and mutually beneficial relationships with potential suppliers. This, in turn, can help reduce costs, develop long-term partnerships, improve quality, and optimize the supply chain, propelling recovery and growth in the post-COVID era.
Systematic Approach: The procurement marketing and management departments have a huge impact on the success of any business, and strategic procurement can help minimize risks, mitigate unnecessary costs, improve overall spend and efficiency. It can also enable the development of efficient systems and processes that maintain resilient operations, and support expansion.
Understanding the value of strategic procurement and procurement marketing in the success of a business is crucial to efficient and sustainable development. Register for our webinar here, and gain insights into marketing procurement in the post-COVID era and the best approach.