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By the nature of their profession, purchasing managers are required to have a good understanding of the value of time, especially when they are called upon to make strategic decisions. To succeed collectively as a procurement department, senior management as well as team members must be up-to-date and informed about all relevant information that will affect their purchasing decisions; gathering and synthesizing this knowledge takes time. How do purchasing departments find the time to stay up-to-date without sacrificing productivity?
It seems that there is never enough time in the day for everything a purchasing team needs to accomplish. From understanding department purchasing needs to negotiating contracts, and the entire purchasing process in between, it is no wonder that so many within the procurement field feel challenged for time. Procurement and purchasing professionals? roles are also ever-changing, with new initiatives and policy updates to integrate and adapt to. Saving time within the busy day allows purchasing professionals to focus on strategic initiatives that many buying organizations are starting to implement. Within the public sector, the role of the purchasing professional has changed over the past few years. Especially today, there is a significant need to save time and find ways to keep up with the evolving purchasing department role.
The effective and conscientious management of business relationships is crucial to the success of any organization. However, not all companies have taken the time to assess technologies that can streamline the complexities of supplier relationship management. Developing working relationships with suppliers can be a delicate process, one that demands attention to detail and significant time investment to be orchestrated properly, as manually keeping track of multiple supplier relationships is akin to a full-time job. The question becomes: How best to ensure that supplier communications are managed efficiently, without sacrificing the necessary personal touch that helps build strong rapport?
Managing complex projects involving multiple stakeholders is challenging for any organization, regardless of industry sector. Whether the majority of day-to-day communication during a project happens between internal departments or involves external organizations, project managers, executives and administrators alike understand that their collective success depends upon well-defined and effective workflows.
Has your vendor management process outgrown spreadsheets? In a 2013 webinar series for procurement professionals conducted by SourceSuite, BidNet's e-procurement solution, vendor management was identified as the most significant pain point faced by buying organizations. Before your procurement team can start thinking about supplier diversity programs and supplier pre-qualification strategies, there's an important starting point that you need to have in place as a foundation: an effective vendor database.