How procurement training adds value
and resilience to supply chain operations

Today, the business landscape is more competitive and interlinked than ever before.

With the success and failure of a business depending on the performance of its partners, there is an urgent need for businesses to build a robust and resilient partner network.

When it comes to building a network of partners, the importance of the procurement function cannot be understated, as it is perhaps the most accessible gateway for businesses to reach out to other businesses and build lasting relationships.

From sourcing key materials and products that allow organisations to conduct core business activities to acquiring equipment that supports the work that other functions do, the procurement function is at the heart of every effort organisations make to ensure continuity and seamless operation.

Putting in the framework and maintaining an approach of continuous improvement to sustain an optimised procurement arm means that businesses can continue to work towards their short and long-term objectives even in the midst of crises.

How can you optimise your procurement function?

A resilient supply chain is one of the most valuable features a business can have; it allows businesses to explore new opportunities without disrupting service delivery.

Adding resilience to your supply chain, however, is not an easy task.

It starts with optimising your procurement processes; from how suppliers are acquired to how deals are finalised, every step of the procurement process needs to be optimised to reach the goal of a sustainable and resilient supply chain.

There are six important steps in the process of optimising the procurement function and it begins with building out the infrastructure to facilitate a consistent and fair evaluation of supplier data.

This can lead to efficient strategising to help choose the right supply partner who will ensure maximum growth potential for your business.

The next step is to invest in your procurement team—the most important element of any procurement function. Investing time and resources into providing procurement professionals with the required procurement training will go a long way in optimising how the procurement function operates—especially during current economic uncertainties.

Finally, adopting technology to augment the work of your procurement team can have a net positive impact on their performance, while also giving your business a foundation on which to track and monitor procurement performances in real-time.

Why is procurement training more important than ever?

Today, the business world is experiencing unprecedented levels of uncertainty, while competition across industries reaches new heights.

In this environment, spending on training for procurement professionals is no longer a luxury but a necessary cost all businesses need to incur to survive, and thrive, in the new normal.

Without proper training, procurement professionals may face challenges in ensuring that businesses receive the products and services they need to operate continuously without compromising the quality or volume of products delivered or services rendered.

That said, the circumstances of the current global pandemic demand businesses to think outside the box when it comes to providing training for procurement professionals. Training programmes must take current circumstances into consideration, and ensure that industry professionals do not fall behind in their training as a result.

Remote procurement training becomes a popular alternative in these circumstances, and it might just be the necessary push the procurement function requires to develop more resilient supply chains.

How can you build an industry-leading procurement team?

We believe that a highly-skilled, experienced, and versatile procurement team is what drives an organisation towards excellence. But enhancing the skills of the procurement team means focusing on the current requirement of the industry.

Educating your procurement teams on the importance of digitalisation and the value outsourcing can add is critical. This is especially true in the current business environment that is moving away from traditional procurement activities and embracing Industry 4.0, and other cutting-edge strategies, to reduce procurement costs.

Providing industry-leading training on these critical topics can go a long way in building an expert procurement team.

How does procurement training add value and enhance the resilience of the supply chain?

Each business function adds unique value and plays a vital role in overall company goals.
For a business to reach these goals, all its functions—including procurement and the supply chain—need to work together.

While the terms procurement and supply chain are often used interchangeably, the supply chain is just one element of the procurement function as a whole.

More importantly, optimising procurement operations can add value to supply chain operations and lead to a more resilient supply chain.

The challenge for companies is keeping up to date with the best practices that promise success, and mastering the art of adding value to the supply chain through procurement. The most effective way for professionals to ensure this is by acquiring contemporary skills and knowledge through future-focused training programmes.

These programmes can help procurement professionals formulate strategies that enable them to create a more future-focused, resilient, and value-added supply chain that is ready to face the challenges that arise.

Find out more about value addition strategies in our Adding value and resilience to your supply chain through procurement eBook.

How we support you

Kronos Group is committed to helping companies in Europe and beyond transform their operations to reach higher targets and become industry leaders in their own right.

The insights and high-quality services our experienced team of professionals are able to offer in the fields of procurement, finance, and project management are a core driver of our success.

Our range of specialised services include:

Swift maturity
assessments

Support with the shift to Industry 4.0

People development and training resources

Sustainable digital frameworks

Spend management platforms

Support in spend optimisation

Consulting and advisory services

To discover how our team of dedicated professionals can help you improve your responsiveness to the current competitive market, get in touch with us or email us at info@kronosgroup.eu.

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