The 2021 Checklist for Improving Procurement
Over the last several years, procurement has transformed from being a mostly back-office, operational function to one of increasing strategic significance. Strong procurement practices can improve profitability, boost employee experience, reduce risk and more.
Track Spend Data
If you don’t yet have a way to track spend data, you’re setting yourself up to make poor financial decisions. However, if you can implement a consistent way to collect spend data, ideally in an automated, real-time way through an e-procurement or spend management platform, you can better understand your procurement activities.
If you don’t have a system or processes in place for tracking spend data yet, make that your first priority for 2021 so you can have the information you need to optimize the full spectrum of procurement-related activities.
If you have more ideas for what finance and procurement teams should include on their 2021 checklists, we want to hear from you and potentially incorporate your ideas in future collaborative content! Get in touch with us here.