Strategic procurement aligns with an enterprise’s business goals with an aim to ensure on-time supply of goods and services. Strategic procurement is a data-driven, enterprise-wide process which minimizes supply risk and emphasizes on an enterprise’s long-term development. It uses a combination of techniques and tools that go far beyond unit price reduction.
With increasing pressure on global supply chains, there has been a radical shift in business strategy, where procurement leverages data and analytics to improve logistics coordination and procedures. The sole aim is to meet high customer demand amidst increasing awareness about environment, social and governance (ESG) goals, which require greater transparency throughout the procurement process.