Procurement requires stringent management as it controls the process of engaging and paying your suppliers. However, their are common challenges faced that hinder procurement processes causing delays and frustrations. We have identified and solved a few of those:
Challenge #1: Managing the RFx Process
Managing the RFx processes can be a challenge. Procedures ought to be clear, fair and rigorously implemented. Having a dedicated system enables organisational procurement policies to be easily enforced using the underlying workflow engine.
Challenge #2: Time/Delays
It rarely happens that a project’s outputs are secured well in advance of when they might actually be required. Having a central procurement management system enables business to communicate more efficiently with procurement decreasing waiting times for materials or services.
Challenge #3: Strategy Selection
Procurement is becoming an ever increasing strategic department of an organisation, however, without a central version of the truth to the performance of suppliers, strategic decisions are difficult to make. However, having a dedicated system with individual supplier metrics such as spend and performance, allows for better decision making on future projects.
Challenge #4: Supplier Management
The greatest challenge procurement professionals face is supplier management – from identifying the best suppliers, and ensuring that a stable supply of quality materials can be maintained, to monitoring supplier performance. Having access to a central data source of supplier performance and spend allows for better decision making and the ability to negotiate terms in the future.
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