1. Be street smart
Research what the growing market trends are, what are the services being offered, where can you get them at a cheap price. Know your consumer market. Assess the cost of the product and learn local and international market profits.
2. Invest in vocational & technical learning
In today’s age and time we have more percentage of senior members of the team then juniors. We need to teach employees the new world order of being ultra-competent and efficient. They are the future, so invest in passing this skill on to your junior team members. This way you would always have the right employee for the job of procurement and supply chain management.
3. Plan for the future
Make your processes such that they last not just for a year or so but for the next 10 or 20 years. You must study a successful model company in the industry first and after analyzing, apply it to your company; hire individuals who can do what they do but better, work and planning wise.
Research what the growing market trends are, what are the services being offered, where can you get them at a cheap price. Know your consumer market. Assess the cost of the product and learn local and international market profits.
2. Invest in vocational & technical learning
In today’s age and time we have more percentage of senior members of the team then juniors. We need to teach employees the new world order of being ultra-competent and efficient. They are the future, so invest in passing this skill on to your junior team members. This way you would always have the right employee for the job of procurement and supply chain management.
3. Plan for the future
Make your processes such that they last not just for a year or so but for the next 10 or 20 years. You must study a successful model company in the industry first and after analyzing, apply it to your company; hire individuals who can do what they do but better, work and planning wise.
4. Risk planning
Don’t be afraid to take risks, but make sure that you have all your local and international market research with you. Know where your risks will take you. If the required input or resources are enough to raise your output above a certain level then do not hesitate for a second to take that risk. Also, be prepared for anything, have counter measures if the risk you take doesn’t go according to plan. It’s always better to have a backup plan.
5. One word; E-procurement!
Many companies which are excelling in this industry have taken up E-procurement. So your team needs to be able to work with the changing environment. As this is the way to the future in procurement. One must utilize the web for placing orders, hiring, contractors, bids and so on. This is vital for the progression of your company.
6. Establish relations
Everyone you come across is important from planning to research, from the contractor to the material seller. Keep good relations with them so that you can reap the maximum benefit from your relations with these individuals. Keeping good relations with the investors and the managing team is another vital point to keep in mind as these are the individuals who will drive your company forward in this industry.
7. Customized procurement processes
You don’t need to do what everyone else is doing in the industry. Be patient and customize a supply chain management and procurement process that is tailor made for your need. Do what suits your need apply it to gain results. If you think that a certain process which you have developed is better than the one being provided in the market; deploy, analyze, measure and subsequently rectify flaws.
8. Good inventory better productivity
Inventory management is another crucial factor which will keep your company’s productivity off the charts Because by this process, you keep track of your entire inventory and you can maximize your benefits from them. It's better to know where all your assets and how are they being utilized so that nothing goes to waste.
9. Outsourcing services
Don’t be afraid to outsource services to another country, especially if they offer better cost-efficiency. Most, if not all services that are expensive in one region may be cheaper by the dozen outside your region, and it would be wise to take advantage of this phenomenon of outsourcing to an external source.
10. Keep it simple
Keep your supply chain management and procurement processes simple Try not to go into too much into complexity as they become a challenge for your own team when working on certain projects. It’s a complex industry but simplifying the process can make things easier for all to comprehend, and as a result of this process you have a company portfolio which can be easily understood by anyone and everyone.
Give it a go, and tell us your experiences!
Keep in mind these few simple guidelines and put your business in the fast track to success. Just a few tweaks and adjustments are all you need to align your procurement strategies with the overall aims and aspirations of your company.
Don’t be afraid to take risks, but make sure that you have all your local and international market research with you. Know where your risks will take you. If the required input or resources are enough to raise your output above a certain level then do not hesitate for a second to take that risk. Also, be prepared for anything, have counter measures if the risk you take doesn’t go according to plan. It’s always better to have a backup plan.
5. One word; E-procurement!
Many companies which are excelling in this industry have taken up E-procurement. So your team needs to be able to work with the changing environment. As this is the way to the future in procurement. One must utilize the web for placing orders, hiring, contractors, bids and so on. This is vital for the progression of your company.
6. Establish relations
Everyone you come across is important from planning to research, from the contractor to the material seller. Keep good relations with them so that you can reap the maximum benefit from your relations with these individuals. Keeping good relations with the investors and the managing team is another vital point to keep in mind as these are the individuals who will drive your company forward in this industry.
7. Customized procurement processes
You don’t need to do what everyone else is doing in the industry. Be patient and customize a supply chain management and procurement process that is tailor made for your need. Do what suits your need apply it to gain results. If you think that a certain process which you have developed is better than the one being provided in the market; deploy, analyze, measure and subsequently rectify flaws.
8. Good inventory better productivity
Inventory management is another crucial factor which will keep your company’s productivity off the charts Because by this process, you keep track of your entire inventory and you can maximize your benefits from them. It's better to know where all your assets and how are they being utilized so that nothing goes to waste.
9. Outsourcing services
Don’t be afraid to outsource services to another country, especially if they offer better cost-efficiency. Most, if not all services that are expensive in one region may be cheaper by the dozen outside your region, and it would be wise to take advantage of this phenomenon of outsourcing to an external source.
10. Keep it simple
Keep your supply chain management and procurement processes simple Try not to go into too much into complexity as they become a challenge for your own team when working on certain projects. It’s a complex industry but simplifying the process can make things easier for all to comprehend, and as a result of this process you have a company portfolio which can be easily understood by anyone and everyone.
Give it a go, and tell us your experiences!
Keep in mind these few simple guidelines and put your business in the fast track to success. Just a few tweaks and adjustments are all you need to align your procurement strategies with the overall aims and aspirations of your company.