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”?
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.
In the last blog post, I described two rules: the empirical and IQR rules, that could be used to calculate outliers. However, those rules were only valid with normally distributed data. Spend data is rarely normally distributed and is typically right-skewed. This means it has many small transactions and few large transactions like figure (1) … Read More