Considerations to be made when pinpointing the ideal global procurement consultant for your business
Summary
Global procurement is a complex procedure that requires careful planning. If not set up properly, businesses that make use of global sourcing can suffer catastrophic losses. Global procurement consultants offer services to help companies resolve any issues they may have in the global supply chain.
There are many instances where you may question when you need a procurement consultant for your organisation. Well, this could be due to external factors, such as inefficiencies in the supply chain and poor supplier engagement, and internal factors, such as insufficiencies in resources to create an efficient procurement strategy.
Whichever the reason may be, you should know what you should look for in a consultant while also being aware of what a global procurement consultant does.
The importance of an adequate procurement strategy is imperative to business success, especially when procurement efforts happen on a global scale. Global procurement is an extremely complex operation and requires its own set of management activities to keep it going smoothly.
Maintaining a smooth global operation allows businesses to arrive faster to market and stand out from the competition, allowing them to carve out a sizable chunk of the market share.
Global procurement consultants enable businesses to take advantage of an efficient procurement process with the use of procurement chain management, supplier risk management, predictive analytics, procurement training, spend optimisation, and other similar strategies.
When do you need a procurement consultant?
Before considering the qualities of the ideal procurement consultant, let us gauge whether you are in need of a procurement consultant in the first place. You may consider employing the services of a procurement consultant if you have noticed the following in your company:
- Lack of a clear procurement strategy that works in tandem with business goals
- Inefficient and error-prone data collection processes as they are mostly done manually
- Misunderstood or unstated key performance indicators (KPIs) for procurement
- Inadequate supplier engagement neglected supplier accountability
- Inaccurate data about the procurement process that cannot easily be integrated into existing systems
- Unclear analytics and inadequate transparency of spending patterns
- Rapid business growth that has caused issues in the supply chain
- Lower costs in the procurement process needed
- Shortage of time or resources to dedicate to create an effective procurement process
- Dire need for expert knowledge on the procurement process
What should you look for in such a consultant?
If you decide to make use of a procurement consultant, these are the considerations to be made to ensure you pinpoint the ideal one for your company:
Global experience
Since global procurement carries its own challenges, your procurement consultant should have experience and knowledge of related tasks such as global sourcing, supply chain management, and international regulations.
Catered solutions
Global procurement requires careful consideration of all aspects of the supply chain and your consultant needs to consider all angles before suggesting solutions. Make sure to choose a consultant that will go the extra mile.
Industrial expertise
Your consultant needs to be well aware of the industry you are operating in to offer the best solutions. Make sure your consultant is aware of trends, market dynamics, and best practices in the industry you are operating in.
Long-term solutions
Making changes to the supply chain in a situation where the procurement process is global can be extremely time-consuming and costly. Your consultant should be able to suggest strategies that will stand the test of time.
Cultural awareness
Since global procurement operations are expansive, your consultant must be equipped to deal with diverse cultures, languages, and business practices. Choose a consultant who is culturally sensitive and adaptable.
What does a global procurement consultant do?
Although you may be clear about the traits to look for in a consultant, you should also understand what they do. The following services should be part of their portfolio:
- Procurement strategy development
- Supplier sourcing and selection
- Contract negotiation and management
- Supply chain optimisation
- Cost analysis and savings
- Procurement technology implementation
- Training and skill development
Create world-class procurement functions with a global procurement consultant
Such procurement consultants can help your organisation by improving your existing procurement strategy, enhancing your relationship with suppliers, streamlining the supply chain, and critically, analysing spending patterns.
Take your procurement strategy to the next level with procurement consulting services.
