Why procurement maturity is key to saving money
The maturity of an organisation’s procurement function can depend on a number of factors:
The market sector that your organisation operates in; your level of tail or low-value spend and the control you have over it; the number of your suppliers you use and the spend-to-supplier ratio; what proportion of indirect suppliers that you have an ongoing contract with; the size of your procurement team and whether it’s centralised or not; whether you can demonstrate a good level of spend per procurement FTE; your capability to deliver savings against indirect spend.
Understanding the maturity of the procurement function is key for procurement teams to:
- Identify cost savings – providing a return on investment for your organisation, identifying potential cost-savings and supplier consolidation opportunities
- Improve resilience - providing the financial sustainability your organisation needs to bridge uncertain times and build economic resilience
- Manage risk – improving and delivering efficiencies and value to your organisation.
How mature is your procurement function?
Our comprehensive procurement health check assesses your spend data and benchmark’s your business against other organisations in your sector to provide a relative procurement maturity score.
We will then work with you to identify opportunities for consolidating suppliers to drive efficiencies, improve your supply chain and realise cashable savings from third-party spend.
Spend five minutes completing our free online procurement maturity assessment now to find out how much you could save.
