Procurement's New Role – Business Partnering

With procurement professionals needing to help drive strategic value in businesses, how can they adopt this new role?

In a recent blog post by Seth Catalli, Chief Revenue Officer at Globality, he argues there is a new role for procurement in business partnering. 

He says that by using the power of AI to automate transactional processes, it is possible for procurement teams to free up time to allow them to ‘better business outcomes as strategic deal-makers and value creators.’

This move from an administrative or functional place in an organisation, to one that is a key part of wider strategy can be a change for some teams, but he suggests there are six steps that all procurement leaders should take to enable their teams to become true business partners.

Make Data-Driven Decisions 

Use new AI-powered technology to make more informed and intelligent sourcing decisions that utilise features such as E-negotiation to expose cost/qualitative supplier differences and fully enable category strategies to facilitate business sourcing, optimising costs, improving efficiency, and increasing speed-to-market.

Embrace Game-Changing Tech 

Showcase how better managing company spend with NLP-driven interactive dialogue fueled by a bot that understands over 7,000 spend categories is a tangible business use case for generative AI, increasing productivity and efficiency, and reducing OpEx from day one.

Do More With Less 

With no training or procurement experience needed due to the consumer-like UX and Al bot guiding every step of the process, autonomous sourcing technology enables leaner procurement teams to run more projects, while actually having more time to focus on strategic tasks that add wider business value. 

Develop Supplier Relationships 

Transform relationships with your suppliers from transactional to strategic, reviewing provider proposals by AI bot with complete qualitative, quantitative and compliance analysis, increasing your speed of decision making, and driving collaboration and innovation with both internal and external partners.

Think Long-term  

Add more, longer-term strategic value to the business by using AI-powered technology that collects information from each completed sourcing project and applies to ML models, making every future event more intuitive, personal and insightful for  stakeholders across the organisation.

Attract Top Talent 

To transform into an impactful business partner who delivers real value, you need to attract and retain today’s best talent, offering them the innovative, intelligent, and consumer-like technology and platforms they are used to in their personal lives.

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For more insights into Procurement & Supply Chain - check out the latest edition of Procurement Magazine and be sure to follow us on LinkedIn & Twitter

Other magazines that may be of interest - Supply Chain Magazine | Sustainability Magazine

Please also check out our upcoming event - Procurement & Supply Chain LIVE in London at the BDC on Sept 26/27th 2023

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