In a world post-COVID-19, it appears as though there is no end to the challenges businesses must face at every turn.
As the vaccine rollout continues around the world, however, and nations begin to alter public policy to make room for a new era of the pandemic that shaped 2020 (and now, 2021), businesses must also look towards a new era.
There is no one-size-fits-all solution to the challenges businesses face. Successful businesses often have similar approaches or steadfast structures in place, but there is no common cookie-cutter solution to your challenges. A business must approach each crisis according to their circumstances as well as the resources they have at their disposal.
Amongst the many challenges businesses face, there are a few that are common across the board.
It is possible that every business today faces this challenge. Steady cash flow is what keeps a business alive at the end of the day, and there is no end to the battle to improve profit margins and cash flow.
This has an immediate impact on procurement. As a major function in any business, procurement takes up a large share of business resources. This includes financial and budgetary considerations. Because all business resources flow in through the procurement function, procurement plays an instrumental role in ensuring that resources are allocated wisely and the most is made out of available finances.
Finetuning procurement as a strategic business function improves the ways in which it can impact other critical business components, including cash flow and profit.
Competition is only growing as digital systems bring countries closer together than ever before. The race to stay updated and competitive has never had higher stakes or been more decisive.
While the decision to adopt internalise innovation and cutting-edge software used to be a unique selling point, in the current climate, the option is between adapting or being left behind. This leaves businesses very little choice when it comes to choosing their digital systems and software frameworks. As a key business function, procurement has a lot to gain from digitalisation and a lot to lose from a failure to adapt.
In the uncertainty of the current business climate, predicting what may happen next is increasingly difficult. The volatility of the market and constantly changing consumer priorities adds to this difficulty.
Having said that, maintaining a future-focused approach is critical to ensuring resilience and flexibility. These are two qualities that can save a business from liquidation in the midst of a crisis. It is also the only way for a business to formulate its short and long-term objectives in strategic ways.
Procurement supplies a business with everything it needs. This means that planning ahead is a key feature of procurement success.
Procurement is not only affected by key company objectives, it is also a key driver of these goals.
The responsibility that falls on procurement’s shoulders is great. The entire organisation depends on the smooth functioning of purchasing and supply chain operations to continue its regular operations. This means that the function is instrumental in creating organisational change and driving transformation.
Key efficiencies in procurement lead to key efficiencies elsewhere in your organisation. Recognising this is important in ensuring that this advantage is made use of and the benefits are enjoyed.
Investing in the skills development of your procurement professionals and the right systems is an investment that will generate many advantages for your business regardless of size, industry or objectives.
Purchasing transformation is not a singular or isolated goal. With the rate of development increasing and newer innovations entering the market, transformation is an ongoing process.
While this may seem more challenging, on the surface, compared to a one-stop transformation solution, what your business really needs is a framework of growth. This framework must not only be resilient and responsive to any changes that occur, but it must also support your procurement objectives.
Here at Kronos Group, we help you enjoy sustainable procurement transformation by equipping you with the tools and expertise you need to build this framework.
Our spend management platform helps you accelerate your Procurement 4.0 journey and centralises your finances for greater transparency. This supports your growth as your business continues to expand.
Procurement training is another way through which we help you develop your procurement arm in Belgium. Training is an essential way to share knowledge and ensure the development of your procurement teams.
It also ensures that the goal of functional transformation has reached your teams in a way that drives impact and adds higher value to your processes.
Here at Kronos Group, we provide our clients with a range of integrated procurement transformation solutions to help you develop operations that work for you.
Our procurement services include:
We are dedicated to developing the procurement field and helping you transform your procurement processes in sustainable ways.
Speak to us!
We support our clients with their strategic growth by leveraging our extensive knowledge and challenging your business perspective with cutting-edge solutions.
Benefit from our dedicated consultants’ skill in the fields of procurement, finance, and project management by getting in touch with us today.