Kronos Group

How procurement interim management prepares organisations for the future of procurement

Summary

The case for a proper interim management strategy for procurement has never been stronger. With the future of procurement evolving rapidly with every challenge the business landscape adapts to, organisations must adopt new means to face such challenges.

With businesses moving towards a more human-centric, technology-driven, and collaborative approach, business leaders are preparing their organisations for—and to embrace—the future of procurement.

Innovation is the key differentiator that sets today’s thriving business entities apart from the rest, and procurement experience can drive the future of work by helping organisations facilitate the adoption and adaptation to new technologies that are entering the market.

Procurement interim management can provide the analytics and resources to help businesses stay ahead through intellectual property, case studies, and other resources that offer valuable insights into overcoming challenges with industry benchmark solutions.

Procurement leaders can invite a new perspective on procurement and a holistic view of the future, and be able to gain objective views regarding a single area of expertise from seasoned professionals who have experience in the field and can guide a business through particular challenges facing the procurement industry.

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Major trends such as the globalisation process, the move towards Artificial Intelligence, the growing pressure of costs and inflation, the gig economy, and the Great Resignation have caused businesses around the world to react in conflicting ways.

For instance, we have seen a number of business leaders modifying their company structures and processes, outsourcing certain functions, implementing new systems, and selling or acquiring new businesses or business units.

This has resulted in businesses falling victim to a unique set of circumstances that have forced them to think about alternative solutions to existing and prospective problems. This is where procurement interim management plays a key role in contributing to and driving large projects at a senior or operational level.

Leveraging industry experience and an integrated approach to implement transformation projects can benefit an organisation’s ability to face disruptive digital, ecological, geostrategic, and demographic challenges.

An interim management strategy can go a long way in helping a business retain control of its operations while minimising the permanent fixed costs that may be incurred to gain this asset.

What does the future of procurement promise?

Whether or not the oft-mentioned future of procurement is already here, the question remains whether it has reached its beneficiaries. In certain cases, this hesitance to adopt the latest technologies is appropriate, while in others, it represents a missed opportunity to optimise business performance.

Today, procurement has become a collaborative effort where procurement professionals have more time dedicated to working with experts from other core functions of a business. 

Additionally, the notion of business as usual has been overtaken by new ways of working and is changing the way procurement operates and how success is measured.

Having a strong digitalisation and technological outlook is also a key factor in the future of procurement. The function is dependent on seamless automation and collaboration through wide networks for better outcomes.

And finally, the future of any industry is incomplete without the human challenge. With the current changes taking place, many systems and processes across multiple aspects of the workplace are taking new shape. 

Employing the right workers with the right skills and attitudes is a crucial step in procurement. It is also the most sustainable route for a company to set itself apart and rise above the competition.

Professional procurement is instrumental to the future of work

For organisations to stay ahead of the competition, they must innovate continuously, but with the recent explosion of technology, the speed at which innovations are entering the market has grown exponentially. This makes choosing the right technology solution for your needs a herculean task in the oversaturated market.

With procurement interim management, the focus is narrowed to a specific area of expertise, and teams are given the ability to collaborate and pool together a wealth of knowledge and experience across those specialisations.

With renewed focus, organisations can obtain the insights and tools they need to develop short and long-term goals to push the organisation forward while pioneering new ways through which the sustainability of their operations can be secured. 

Procurement interim management can provide the required analytics and resources

From intellectual property (IP) and analytics to case studies and other resources, the right procurement interim management strategy can help organisations obtain timely data that may have implications for the future.

With the future of procurement changing, having new perspectives on the industry, backed by experience and data can prove to be invaluable and support more informed decision-making and strategic procurement. 

An interim procurement manager can help this endeavour by analysing other similar organisations and the challenges they have faced to offer alternative solutions that have proven successful.

Similarly, analytics and IP can help organisations obtain information and tools that would otherwise be out of reach, leaving them vulnerable to future challenges.

Getting advice and assistance from external parties that possess the specialised skills to navigate through challenging situations, while giving the business the time it needs to recover from past disruptions and prepare for the future, can mean the difference between success and failure.

Procurement leaders can invite a new perspective on procurement and a holistic view of the future

It is difficult to prepare for a volatile future, which is why a strategic procurement interim management partner can bring an objective perspective that organisations may be lacking.

Through rigorous research and studies, these professionals can do more than just provide a new perspective regarding an existing problem but also a more holistic view of the future of procurement that may not have been explored previously.

By identifying these trends, they can offer valuable guidance to businesses on facing and overcoming challenges that may otherwise feel insurmountable, build necessary antifragility, and boost bottom lines. 

The future of procurement and interim management is now

With the procurement landscape constantly gaining new ground, it is difficult to imagine what the future of procurement is yet to bring, especially as new challenges arise.

The right interim management strategy can prove to be beneficial in helping organisations prepare for the future and remain in a comfortable position that allows them to face any future disruptions with confidence.

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Julie Brand

A part of Kronos Group’s team since 2018, Julie is a leader who has honed her specialisation in business transformation and utilised her expansive financial expertise to power business strategy and add value to what we do. She has amassed experience (Pfizer, Sony, AXA, SMEC, Tradelink) all over the world in strategy, project management, analysis, and supply chain.