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How to Improve Procurement Efficiency

  • 1. Identify the inefficient processes/bottleneck in your organizations procurement cycle and work to remove them
  • 2. Rationalize your supply base. Some place you have to increase vendor; some places you have consolidate vendors to get best from your suppliers
  • 3. Improve supplier relationship, establish fair practices with supplier
  • 4. Standardize your procurement processes. Implement centralized or selective decentralize purchasing.
  • 5. Utilize Global Sourcing to increase your supply base reach
  • 6. Embrace technology to improve time management and transparency
  • 7. Develop Strong Risk Management Policies
  • 8. Train/educate your team
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