Essential Steps to Transition from an Average to a World Class Procurement
The biggest challenge that prevents organizations from investing in the best in-class technology solution for their procurement function is their scepticism over ROI. This scepticism not only inhibits their journey from an average to a world class procurement function but also affect their bottom line in longer run. According to a latest research report by Hackett group, an organization with world class procurement function typically generates a 10.7X return on its investment as compared to 4.7X for an organization with average procurement function.
But does investing in a best-in-class Source-to-Pay technology solution is sufficient for an organization to transition from an average to a world class procurement or are their some necessary measures that an organization need to follow in order to launch them on to the zenith of success in procurement? Tune in to the latest Podcast “Essential Steps to Transition from an Average to a World Class Procurement” by Mr. Lalit Dhamija to understand –
- The definition of a World Class Procurement
- Key Performance Metrics for World Class Procurement
- Industries in Middle East that are transitioning to a World Class Procurement
- How prepared are organizations in the Middle East for a next wave of procurement transformation
- What is the role of a digital savvy talent pool in achieving the next procurement transformation
- What organizations need to do to face the second wave of procurement transformation
About Author –
Mr Lalit Dhamija is a fellow of the Chartered Institute of Procurement and Supply (CIPS). He is an experienced supply chain practitioner in Oil and Gas industry with over 38 years’ of experience. He is also an executive Chairman of CIPS UAE Branch Committees and regularly contributes to the procurement body of knowledge through active participation in events, seminars, and conferences. Lalit previously worked for Abu Dhabi National Oil Company (ADNOC) group as a ‘Procedure and Process Assurance Manager’ for 28 years till the end of 2017. He is currently active as a corporate procurement and supply chain trainer and consultant and travels globally for training and coaching C-Suite executives of MNCs. For more information visit his website – www.lalitdhamija.com