Procurement technologies are moving at a rapid pace, and the additions of AI and machine learning are transforming how procurement and finance leaders add massive value to their organizations. The bottom line? AI helps you find cash and save money right away, everyday.
About 90 days into your new CPO role, it’s time to implement the final component of your launch plan: the design, documentation, and execution of your strategic vision and plan for procurement.
In our prior posts, we discussed how to understand the business culture, stakeholders, and how to assess your procurement organization’s maturity. Now that you have these understandings, you can begin to manage the communications, business expectations, and change management necessary for your procurement strategy.
The key question that you must answer in your assessment is what are the specific gaps within your organization and from what maturity level (Beginner to Best in Class) are you starting?
Congratulations, you find yourself in a new role leading a procurement organization. Whether you are a career-long procurement and supply chain professional, or are from finance or a business unit discipline, this can seem like a daunting opportunity and you may be asking yourself, “where do I begin”?
CPO, Karoline Dygas joined Nordstrom in 2019, where, among other things, she supports all of the organization’s indirect spend. At Nordstrom, indirect spend is everything outside of the merchandise sold in the stores. Prior to Nordstrom, Dygas spent five years at Starbucks, where she led the Global Sourcing and Store Development Supply Chain, and before that she was senior director of strategic sourcing at Walgreens.
Procurement transformation and utilization is a significant EBITDA improvement initiative for Private Equity (PE) firms.
Suplari CEO Nikesh Parekh Discusses why the CPO and procurement function are critical to driving profitability in a post-COVID business environment and builds a case for why CPOs should leverage this opportunity to drive more value and improve their earnings potential.
Profitability is more important than ever — and procurement leaders are more strategic than ever. Procurement is no longer just a cost center, a spender of money made by others in the enterprise. With the right tools and methodology, procurement can maximize every dollar of profit and discover every dollar of cost savings, positioning them to be critical drivers of the bottom line.
Listen to Greg Tennyson, Head of Global Corporate Services at VSP, and Suplari CEO Nikesh Parekh as they discuss Mergers and Acquisitions in the context of analytics tools.