In the past, the role of procurement was simple and straightforward. It involved adhering to the five key principles of procurement: right quality, right quantity, right place, right time, and right price. However today, buyers need to approach their purchasing decisions in a more comprehensive and thoughtful manner. They must consider how they buy, who
Procurement is a critical component of supply chain management and is becoming increasingly important as businesses look to optimise their operations and stay competitive in today’s fast-paced world. However, while an important function, it can also be one of the most time-consuming and complex aspects of the business.
Procurement in 2023 is no longer just a tactical function focused on reducing costs but extends beyond. It is a strategic value-added profit centre that drives supply chain growth across the organisation. Therefore, to ensure a sustainable competitive advantage, businesses now need to overhaul old ways of working with faster, more intelligent and future-proofed solutions.
