Why Companies Like BMW and GSK Are Beroe’s Best-in-Class
Alcon, BMW, Coca Cola Europacific Partners and GSK have been recognised by Beroe as best in class for their procurement practices
Beroe, a global leader in procurement intelligence and analytics, has announced the winners of its fourth annual Best-in-Class (BIC) Awards, recognising 51 companies across 17 industry sectors for their outstanding procurement practices.
These annual BIC Awards celebrate procurement teams that exemplify operational efficiency while delivering significant commercial value, showcasing the pivotal role of strategic procurement in driving overall business performance.
Procurement transformation
Historically, winners of Beroe's BIC Awards have outperformed stock market benchmarks, proving that companies focused on procurement transformation are better equipped to innovate, improve their supply chains and deliver a competitive cost structure.
This year's award-winning companies represent a diverse range of industries including Auto (BMW), Beverages (Coca Cola Europacific Partners), Healthcare (Alcon) and Pharmaceuticals (GSK).
"Over the past few years, a combination of factors has put procurement teams under pressure - inflationary pressures, supply chain volatility and geo-political disruptions have been major issues," says Vel Dhinagaravel, Founder and CEO of Beroe.
"Procurement can be a real leader in making things more sustainable and building a competitive, bulletproof supply chain. It's an exciting time to be in this field.
"Congratulations to all of the winners in the fourth annual BIC Awards for setting new benchmarks of excellence in procurement."
Beroe Best-in-Class
Beroe Best-in-Class (BIC) index: methodology The Best-in-Class (BIC) approach helps Beroe spot the leading companies in a sector by looking at their financial and operational performance, adjusted to a specific start year for a fair comparison.
This method reviews different indicators of success to identify businesses that stand out among their competitors. These top companies are then compared with major worldwide stock indices like the S&P 500, FTSE 100 and DAX to see how well they do in the market.
The superior performance of these Best-in-Class companies, especially in their stock prices, shows their outstanding financial stability and market leadership.
Key factors impacting the commercial value of procurement teams in 2023/4
Significant internal pressures, macroeconomic challenges and unforeseen global events have underscored the critical importance of procurement, demanding professionals embrace more agile, strategic and resilient approaches to address their organisation's changing needs.
- Supply chain disruptions post-pandemic
- Geopolitical tensions and sanctions
- Inflation and interest rate hike
- Environmental, social and governance (ESG) regulations
- De-globalisation and reshoring trends
- Raw material price fluctuations
- Labour market volatility and talent shortages
- Energy market volatility
There are ways to help mitigate the impact of these factors through a procurement intelligence solution. It can help organisations transform the way they make informed decisions, drive growth and outperform competitors.
If you haven't invested in a procurement intelligence solution and are not sure on the benefits we've created a guide to help you build the business case. It will help you understand the case for accessing precise and timely market insights to achieve success and stay competitive in today's business world.
As well as how a market intelligence solution can transform how companies gather, analyse and utilise market data.
Success factors behind the top procurement teams
The top procurement teams in 2023 and 2024 succeeded by using key strategies that allowed them to thrive in a dynamic environment. Despite varied approaches, some common methods stand out for setting them above the rest.
- Adjusting payment policies
- Leveraging automation and AI
- Considering circular economy
- Engaging in collaborative partnerships
- Adhering to compliance and governance
- Investing in data analytics
- Effective change management
- Managing inflation
- Investing in skills development
- Ensuring supply chain resilience
- Sustainability as a necessity
The strategies discussed represent a holistic approach to procurement, tackling current challenges while preparing for future needs. Embracing digital change, focusing on sustainability and ethical sourcing, cultivating strong supplier relationships and effectively managing risks are key to securing long-term organisational success.
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