Want to Excel in Procurement? Here Are 5 Simple Strategies That Actually Work

Procurement can feel like a never-ending checklist: get quotes, evaluate suppliers’ bids, seek approvals, prepare contracts, etc, etc...

But what if I told you that with the right strategies, procurement could be your ticket to standing out, saving costs, and making a real impact in your organization.

Whether you're new to the field or have a few years under your belt, mastering procurement strategies is what separates reactive buyers from strategic leaders. Let’s break it down in a simple, relatable way.

First, How Do You Even Build a Procurement Strategy?

Before we dive into the five strategies, let’s talk about an important process that is so easy to skip: creating a strategy that actually fits your organization. Here’s how to start:

●       Take a step back and review your current process: What’s working? What’s not? Review the past year-to-date, analyze the data and seek feedback from key stakeholders. Are your suppliers slow, or is there too much unauthorized spend? Or perhaps many last-minute purchases?

●       Set clear goals: What do you want to achieve? Reduce costs? Improve supplier performance? Support sustainability? It’s important that your goals align with your company’s big picture and that they are SMART – specific, measurable, achievable, realistic and timebound.

●       Create a plan you can actually follow: Now you’re ready to select the strategies you will execute. Work with the team; brainstorm and agree a schedule of actions and timelines. Ensure that everyone (within procurement and across relevant departments) understands what is expected of them and works collaboratively to achieve set goals.

Now, let’s talk about 5 procurement strategies that can help you excel.

🎗Adopt a Total Cost of Ownership (TCO) Mindset: Ever been tempted to go with the cheapest supplier? We’ve all been there. But strategic sourcing looks beyond price. It’s about working with suppliers who bring long-term value, those who are reliable, quality-focused and aligned with your goals. So instead of focusing only on price, consider the full lifecycle cost including shipping, set up, maintenance and disposal.

Quick Tip: Present TCO comparisons in business terms to win stakeholder trust.

🎗 Supplier Relationship Management (SRM): Once a contract is issued, how do you manage your suppliers? It’s important to note that suppliers aren’t just vendors, they’re partners. And like any good partnership, the relationship thrives on trust and communication. When you nurture supplier relationships, you’ll be able to collaborate on innovation, risk management and continuous improvement.

Quick Tip: Host quarterly reviews with your top 10% suppliers and co-create improvement plans.

🎗 Involve Your Key Stakeholders: Involve stakeholders including contract/budget holders, end users and other relevant departments; right from the beginning, and not just at the approval stage. Waiting until the last minute to involve stakeholders often leads to delays, pushback or misaligned decisions. Instead, bring key players into the conversation from the start. Early involvement ensures that requirements are clear, expectations are managed and support is built in. It also positions procurement as a strategic partner, not just a gatekeeper or afterthought in the process.

Quick Tip: Kick off sourcing projects with a stakeholder alignment meeting.

🎗 Use Spend Data to Drive Decisions: Don’t rely on gut feeling alone, Data is your secret weapon. Analyzing spend patterns helps you uncover hidden savings, consolidate suppliers and strengthen your negotiation power. Instead of reacting to ad-hoc requests, use data to proactively identify opportunities and risks. Be sure to present the insights visually to influence decision-makers.

Quick Tip: A simple monthly spend dashboard showing trends, compliance and savings impact can shift how stakeholders view procurement; from tactical buyer to strategic business partner.

🎗 Embed Risk Management into Every Decision: Procurement isn't just about savings, it's also about protecting the business. That means assessing supplier financial health, geopolitical exposure, delivery reliability and ESG compliance before you sign a contract. Resilient procurement functions spot trouble early and protect the business. Trust me, a vendor with the lowest price but a high risk profile can cost more in the long run.

Quick Tip: Build a supplier risk scorecard into your sourcing process to ensure resilience, continuity and alignment with your company’s values and long-term goals. 

Summarily, excelling in procurement doesn’t require a complicated playbook. It’s about using smart procurement strategies that align with your goals and help you deliver real value. Start small, build your strategy step by step, and don’t be afraid to try new approaches.

Need procurement specific training? Reach out to support@efemini.com and we'll get you sorted.