The revamp: A playbook to revolutionise your procurement function to achieve high maturity and sophistication

Abstract

Procurement has long traditionally been characterised as tactical and focused only on cost reduction in the function’s pursuit. Today’s procurement teams, however, are expected to play an increasingly more strategic role. As senior leaders in sourcing and procurement enhance visibility into (and control over) spend, as well as develop greater sophistication and agility to meet the rapidly changing requirements of enterprises, the need for change is present. This paper describes how one of the world’s largest lottery and gaming companies revolutionised their procurement function by putting new structure, processes and technology in place, aligning procurement skills/talents with changing business needs, measuring procurement performance to business values, optimising value from spend categories through strategic sourcing and category management, and tapping into supplier innovations to drive revenue generation. The author takes you through their journey and shares key learnings gleaned, three years into her revolutionising of procurement transformation.