Given that the pandemic stresses supply chains worldwide, upskilling and reskilling are extremely relevant in this volatile environment. A recent McKinsey survey reveals that around 90% of businesses agree that reskilling can help revive and digitize supply chain management.

Rebuilding and strengthening enterprise procurement needs to be prioritized in the post-pandemic market for businesses keen on future-proofing their operations. As a CPO, procurement leader, or procurement professional in today’s world, upskilling can help you lead this change. Here are three essential skills you need to have to be an MVP in your company’s procurement strategy:

1.Adopt a digital-friendly approach

Around 77% of companies are already equipped with digital S2P and P2P procurement solutions. The new world is embracing accelerated digitization to keep pace with consumer expectations. However, procurement, a critical business vertical, can hardly be left behind. You can also help your business join this coveted category by picking up the necessary skills to fastrack digital sourcing. 

2.Prioritize vendor relationships 

Procurement departments in only 24% of companies today prioritize supplier relationship management. Sadly, most procurement teams have no solutions for supplier performance management (SRM). Building better partnerships with suppliers can be pivotal in overhauling your company’s SRM strategy. Robust supplier relationship management also future-proofs enterprise procurement for your business. 

3.Put risk management in the spotlight.

As a contemporary procurement leader, risk management is an invaluable skill that will pave the way for a better and more prepared future. Supply chains today surpass borders and time zones. However, the downside is that global supply chains are also vulnerable to environmental, economic, and geopolitical risks. You need a solid risk management plan to risk-proof your company’s procurement strategy. Ensure that it encompasses vendor selection and management, contract management, sourcing delays, and procurement automation. 

Give your business an edge with the best-in-class procurement solutions.

Embracing end-to-end digital transformation in procurement will be a significant value driver for your company. This is particularly true if it’s a mid-market firm/organization with its sights set on expansion in the coming year. Upgrade your MRO procurement and other aspects of sourcing with Moglix Mid-Market solutions for optimal enterprise procurement. To learn more about transforming your procurement strategy, write to us at info@moglixbusiness.com.