The market is changing at an accelerated pace to keep up with the innovative technology being developed. As a result, modern procurement functions must always be in a state of transformation in order to remain up to date.
This means that even if your procurement function is up to date today, it may be obsolete in a few months. To ensure that it is responsive and effective, you must always be improving your current processes and frameworks.
Key signs that your procurement arm may need to be updated are:
- You are not outsourcing lower value-added operations
- Your digital framework cannot adapt seamlessly to the changing market
- Your procurement teams struggle to maintain a consistent level of efficiency