A new year brings fresh opportunities to elevate your procurement process and performance.
As a procurement professional, setting clear and achievable goals is essential for driving value and contributing to your organization's success.
In this blogpost, we'll discuss how to set new year goals as procurement professionals;
1) Align Goals with Business Objectives: The first step is to ensure your procurement goals align with the overall business strategy. Consider the following:
Company-wide objectives: Take time to understand the company's strategic priorities and focus for the new year; and consider how procurement can contribute to these goals.
Departmental goals: Collaborate with other departments to identify shared objectives and potential synergies.
Personal development: Set goals to enhance your professional skills and knowledge.
2) SMART Goal Setting: When crafting goals, use the SMART framework:
Specific: Clearly define what you want to achieve.
Measurable: Set quantifiable targets to track progress.
Achievable: Ensure goals are realistic and attainable.
Relevant: Align goals with your role and the company's objectives.
Time-bound: Establish clear deadlines for accomplishing goals.
3) Prioritize and Balance Goals: Given the multitude of potential procurement goals, it is essential to prioritize and balance the following:
Short-term goals: Focus on immediate improvements such as cost reduction or supplier performance enhancement.
Long-term goals: Develop a vision for the procurement function's future, including digital transformation or sustainability initiatives.
Balanced goals: Consider a mix of financial, operational and strategic objectives.
Examples of Procurement Goals: Now, let’s consider a few sample procurement goals:
Cost reduction: Achieve a specific percentage of cost savings through negotiation, supplier consolidation and/or process optimization.
Supplier performance improvement: Increase the percentage of suppliers meeting quality, delivery and cost targets.
Risk mitigation: Develop and implement a comprehensive supply chain risk management plan.
Digital transformation: Implement procurement automation tools (identify the specific tool or area you want to address) to improve efficiency and accuracy.
Sustainability: Increase the use of sustainable materials and suppliers by a specified percentage.
Talent development: Enhance the skills and knowledge of the procurement team through training and development programs. Identify particular skills to be targeted or training programs to be completed during the period.
Finally, remember that continuous evaluation and adjustment are key to achieving your goals and maximizing your impact.
Need procurement specific training? Reach out to support@efemini.com and we'll get you sorted
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