Aim high for procurement success ©Getty Images
Aim high for procurement success ©Getty Images

How to be a business self-starter

Being entrepreneurial will be a valuable asset for the procurement team and the business, Natacha Tréhan, professor in purchasing management at the University of Grenoble Alpes, told delegates at Ivalua Now

Think big
Contributing to the reinvention of business models is the main challenge facing procurement. It must become an entrepreneurial function – it needs to propel businesses forward when it comes to key issues such as sustainability. 

Think ahead
Being an entrepreneur doesn’t mean only being compliant with CSR. Make proposals to help your company meet those objectives. Non-financial reporting is an obligation for listed companies but tomorrow it will also be an obligation for unlisted companies.
You need to know the indexes and organisations that rate your company.

Collaborate
Collaborative platforms can help to improve return on investment. If you have underused assets or excess inventory, you could exchange them on a collaborative platform for media, advertising or transportation.

Rethink suppliers
The way procurement teams work with suppliers needs to evolve. You will need to deal more and more with hybrid suppliers who are also your competitor or customer.

A new model
‘Coopetition’ – fusing cooperation and competition – will be a challenge. You no longer choose best-in-class suppliers, they choose you. Instead of just managing suppliers, you will have to motivate suppliers.

Future trends
We will communicate with suppliers using natural language processing technology. Predictive analytics will be able to give guidance on sourcing decisions using machine learning. Source-to-pay will be fully automated. 

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