The maturity of a business goes beyond experience and success based on financial achievements and bottom-line values.
Business maturity may be conceptualised in different ways between industries and regions. One thing many of these conceptualisations have in common, however, is that they each identify different stages of business maturity. From the relative inactivity of a business’ early days to its path to becoming a trailblazer in the industry, setting industry standards, and exceeding outcomes.
Although business maturity may not be solely based on the years of experience you have in the field, there is a positive correlation between this timeline and your business’ maturity.
Regardless of the value maturity models may bring to your company, these benefits are not without their own obstacles.
The limitations of these maturity models range from a lack of a theoretical base, factors that contribute to business success have been overlooked, the audience that the model is targeting, and the basing of the model on a specific field, all of which make it less likely to be applicable to other industries and businesses.
Despite these flaws, however, an understanding of business maturity and where your company stands on a model or timeline is vital to understanding your growth trajectory and approaching your future in strategic and value-added ways.
It also helps you identify the common problems that arise for businesses at a similar stage in their growth and take necessary measures to mitigate those risks.
This is especially useful for critical business functions. That is where procurement maturity assessments, finance maturity assessments, and project management maturity assessments come in.
If there is one thing that measuring business maturity teaches us, it is that there are many factors that can influence the outcomes your assessments reveal.
Ultimately your procurement maturity assessment, finance maturity assessment, and project management maturity assessment must be able to pinpoint the processes that are supporting your company in achieving its objectives, which will, in turn, help you identify where your processes can improve to support your organisational goals.
This information will help you realise the gap between the skill and value of your team and the maturity of your organisation, and take steps to bridge that gap.
On top of these factors, there is also the fact that maturity develops and changes over time. As a result, much like many other business functions, maturity assessments must be a regular part of your operations that are revisited at scheduled intervals.
When it comes to optimising your business or establishing new processes for greater value addition, an in-depth understanding of your current processes is necessary.
Your business processes and operations must be investigated as a whole to ensure that your overall framework can support greater optimisation.
Without understanding your overall business maturity and organisational health, it is impossible to achieve more targeted objectives.
In addition to these assessments across your overall processes, you also need to assess the maturity of your critical functions to make sure you are meeting your function-specific goals.
Procurement is a process that requires a significant investment. Most business finances are funnelled through procurement to support the creation of goods and services.
If your current procurement processes lack transparency or centralisation, however, it can be difficult to achieve a realistic view of your current capacity or capabilities.
A procurement maturity assessment can overcome this challenge to give you an accurate picture of your current standing so you can create more strategic plans for the future of your function.
Finance is an unequivocally critical part of any business operation. Ensuring that your financial position is secure ensures that your future is more secure and the prospect of driving higher optimisation is more likely.
Not only is finance optimisation a direct path to the optimisation of your bottom line, but it also gives you a better understanding of the resources that are available for allocation elsewhere in your organisation.
Project management is a source of higher value-addition that many companies utilise to drive value on a short timeline.
Optimising project management, as a result, and accelerating the transformation of this function is a direct path to more value-added operations.
It also lowers the likelihood of project failure.
Every move your company makes is loaded with risk.
While some of these risks can be anticipated and accounted for through crisis management and recovery plans, and efforts to bolster resilience and sustainable frameworks, there is only so much you can prepare for.
Internal reports and data can inform the decisions your company makes. They come from sources that are familiar with your business processes; those that work hard to maintain them and achieve business objectives.
Because these sources are internal, however, this information may be skewed by internal biases. They are also unlikely to generate information that can push a business to transform in more dramatic, systemic ways.
Procurement maturity assessments, finance maturity assessments, and project management maturity assessments conducted by experienced professionals in each specialised industry can make all the difference.
These professionals can not only identify your maturity standing swiftly through cutting-edge assessment tools, but they can then use these insights to guide your business strategy and function-specific plans.
Our team, here at Kronos Group, is trained in the art of supporting business transformation through cutting-edge tools, targeted insights, and strategic best practices.
The experience we have accumulated in the fields of procurement, finance, and project management helps us deliver the very best that the industry has to offer, all in one place.
In addition to swift, technology-driven maturity assessments, we also support you with:
There are 3 steps to performing an effective procurement maturity assessment: assessing the current state of operations, analysing which processes are the most vital for business continuity, and addressing the weaknesses.
A procurement maturity assessment can benefit a company at any stage. It ensures that the business processes are evaluated and that its overall framework can support optimisation goals.
There are 4 stages in the procurement maturity model.
Stage 1: Tactical and operational
Stage 2: Sourcing mastery
Stage 3: Category strategy
Stage 4: Business innovation