The role of procurement is fast evolving, creating new requirements for talent and skill, with core competencies going beyond just category expertise, compliance management and change leadership. Procurement professionals are now expected to bring business acumen, structured problem solving, influencing skills and systems thinking to the table.
Procurement is being valued more than ever as it plays the role of a strategic advisor, a trusted business partner, a financial steward supporting the CFO’s organization and a supply network optimizer bringing deep value beyond savings. This additional value beyond savings can be expressed, along with actual savings, as Total Procurement Benefits (TPB).
This paper discusses the importance of effectively capturing and communicating TPB in elevating the status and influence of procurement within the enterprise and how to go about it.