Jacqueline Daka - MSc, MZIPS,MCIPS’ Post

I have received numerous requests from procurement professionals seeking a template for presenting a Procurement overview to management. Here is an Template for Procurement Reporting. Procurement Performance Report Reporting Period: [Month/Quarter/Year] Executive Summary Provide a brief overview of the key highlights and insights from the procurement activities during the reporting period. 1. Procurement Objectives and Key Performance Indicators (KPIs) 1.1 Objectives: Outline the primary goals and objectives of the procurement function during the reporting period. 1.2 Key Performance Indicators: List and elaborate on the key metrics used to measure the performance of the procurement process. 2. Procurement Activities 2.1 Purchase Orders: Total number of purchase orders issued. Breakdown by department or category. 2.2 Vendor Performance: Evaluation of vendor performance against established criteria. Any issues or areas for improvement. 2.3 Contract Management: Overview of active contracts. Status of contract renewals and terminations. 2.4 Cost Savings: Realized cost savings compared to budget or historical data. 3. Compliance and Risk Management 3.1 Regulatory Compliance: Overview of compliance with relevant regulations and policies. Any compliance issues and corrective actions taken. 3.2 Risk Management: Identification and assessment of procurement-related risks. Mitigation strategies implemented. 4. Supplier Diversity and Sustainability 4.1 Supplier Diversity: Overview of diversity initiatives and achievements. Progress in engaging diverse suppliers. 4.2 Sustainability: Report on sustainable procurement practices. Any initiatives to reduce environmental impact. 5. Budget and Financial Performance 5.1 Budget Utilization: Comparison of actual expenditures against the budget. Explanation of any variances. 5.2 Return on Investment (ROI): Assessment of the overall value derived from procurement activities. 6. Key Challenges and Opportunities 6.1 Challenges: Identification of challenges faced during the reporting period. Strategies for overcoming challenges. 6.2 Opportunities: Potential areas for improvement and growth. 7. Recommendations Provide recommendations for enhancing the efficiency and effectiveness of the procurement process based on the insights gained during the reporting period. 8. Future Outlook Highlight any upcoming changes, projects, or initiatives in the procurement domain and their potential impact. Hope this helps you all. #purchase #template #ProcurementExcellence #StrategicSourcing #ProcurementInsights #ProcurementReporting #OptimizingProcurement #BusinessEfficiency #VendorManagement #SustainableProcurement #ProcurementLeadership #ContinuousImprovement #ManagementOverview

I often hear of friction between cost-focused Procurement and a service-focused IT.. As a procurement professional, you probably have a common goal - to spend smarter and sustain cost savings. But with cost-focused procurement and service-focused IT often at odds, achieving this goal may seem like a daunting task. Here's how you can build an engine for predictable and sustained savings that aligns with the business: • Build a 360 source of truth: Having visibility into your procurement processes enables you to make informed decisions and allows others to understand your action plan. • Audit the past: Identify billing mistakes that can lead to big refunds. This not only helps recover lost funds but also prevents similar errors in the future. • Optimize the present: Implement cost efficiencies without compromising on service quality. This can be achieved by eliminating wastage and improving resource utilization. • Negotiate to a better future: Collaborate with internal and external stakeholders to negotiate better deals. This could include negotiating with suppliers for better prices or with other departments for better resource allocation. • Make it last: Implement better processes and workflows to ensure your cost savings efforts are sustained over time. This could involve standardizing procurement processes, leveraging technology, and training staff. If you're a Procurement professional seeking to overcome these challenges, I invite you to grab a complimentary copy of my '3-Step Guide to Spend Smarter and Sustain Savings'. This guide provides key insights on implementing a centralized procurement platform leveraging all the unstructured and structured data available to you. Grab your copy by following the link in the comments below. Note: If you don't see my comment below with the link, choose 'Recent Comments' in the dropdown below my post.

These skills are definitely essential for any senior procurement manager looking to excel in 2024. Strategic thinking and financial acumen are particularly crucial for aligning procurement with broader business goals and managing cost effectivelu. I’d highly recommend all procurement professionals to incorporate these tips into their practices!

Have you ever found yourself, as a procurement professional, faced with the age-old question: "Why should you be responsible for purchasing this item when we, as the specialized department, know more about it?" Do you often struggle with others trying to manage their own purchases, with management sometimes siding with them? In today's highly competitive business environment, effective cash cycle management has become more critical than ever. The procurement function, traditionally viewed as responsible for sourcing and negotiating supplier contracts, plays a pivotal role in this process. Assigning all external spend, including areas like marketing that may not traditionally fall under procurement's expertise, to the procurement team can significantly enhance an organization's financial efficiency. Procurement teams are uniquely positioned to oversee the entire cash cycle, from purchase order to payment, ensuring that spending is strategically aligned with the organization's financial goals. By centralizing all external spend under procurement, organizations can leverage the team's expertise in supplier management, negotiation, and cost control, regardless of the specific category of spend. This centralized approach not only ensures consistent application of best practices but also allows for better visibility and control over cash flow, ultimately leading to a more streamlined and efficient cash cycle. In essence, even if the procurement team lacks specialized knowledge in certain areas of spend, their overarching role in managing the cash cycle makes them the most suitable department to oversee all external expenditures. This strategic alignment can drive significant improvements in working capital management, reduce financial risks, and contribute to the overall financial health of the organization. #The_struggle_is_real #Procurement #Supply_Chain_Management #أنا_متخصص_أكتر_منك #معاناه #According_to_Science

Quick wins are important to any procurement professional. Seek to understand before you make changes. #procurementtransformation

Just last week, our founder, Marijn Overvest, sat down with a procurement director who told him about their first day on the job. She had walked into an office full of enthusiastic waves and warm welcomes, only to find her desk buried under reports no one understood. They were tracking everything but knew nothing about what really mattered. It was a classic case of data, but no insights—something many of us in procurement can relate to. Understanding the right metrics and KPIs is crucial in steering procurement strategies toward success. Here are a few key indicators every procurement professional should keep on their radar: 1. Savings Achieved: Tracks the reduction in costs compared to previous periods, showcasing the direct value of procurement activities. 2. Supplier Compliance Rate: Measures how well suppliers adhere to contractual agreements, reflecting on supplier management effectiveness. 3. Purchase Order Cycle Time: The time it takes to process a purchase order, indicating process efficiency. 4. Cost Avoidance: Monitors cost that has been avoided through negotiation and strategic sourcing, crucial for budget management. These metrics not only help you monitor day-to-day operations but also align procurement functions with broader organizational goals. Knowing these can transform piles of indecipherable data into actionable insights. PS: Are you effectively monitoring your procurement performance? For deeper dives into procurement metrics and how to leverage them for strategic advantage, head to https://lnkd.in/eQWAQQVc . Let's make our data work for us, not against us. DM me to start mastering these crucial tools! #Procurement #Metrics #KPIs #ProcurementKPIs PPS: Surprise element—this image is AI’s take on our conversation. What are your impressions?

7 Skills Every Senior Procurement Manager Should Have in 2024: 1. Strategic Thinking Prioritizing aligning procurement strategies with long-term business goals involves understanding market trends, supplier capabilities, and internal needs, which is crucial in making informed decisions. 2. Financial Acumen Understanding financial responsibilities in cost management, budgeting, and assessing suppliers’ financial health is crucial for grasping financial management principles, which is crucial in evaluating the impact of procurement on your company’s bottom line. 3. Analytical Skills Leveraging data analytics to improve procurement processes is crucial for improving procurement processes to ensure data-driven decisions and alignment with business goals. 4. Negotiation Management Securing favorable terms while building positive supplier relationships is important for effective negotiations and supplier relationship management, contributing to both operational resilience and cost savings. 5. Risk Management Proactively identifying and addressing risks in procurement improves supply chain continuity and protection against sudden disruptions. 6. Technology Proficiency Leveraging the latest procurement software and tools lets procurement managers stay ahead in technology adoption, streamlining their processes and boosting operational efficiency. 7. Ethical and Sustainable Procurement Maintaining corporate social responsibility in procurement helps in addressing environmental and ethical concerns while building brand reputation, and supporting compliance. Strategic thinking aligns procurement with business goals. Financial acumen ensures effective cost management. Analytical skills drive data-driven decisions. Negotiation management builds strong supplier relationships. Risk management secures supply chain continuity. Technology proficiency streamlines operations. Ethical and sustainable procurement enhances brand reputation. PS: Want to stay ahead in procurement? Procurement Tactics is offering a Senior Procurement Manager Program! Visit https://lnkd.in/eX-xTJJT to start your journey today! #Procurement #StrategicLeadership #SeniorProcurementManager PPS: Surprise element—this image is AI’s take on our conversation. What are your impressions?

Procurement organizations have been needing to do more with less. Last year there was an expected 10.6% increase in workload which, combined with smaller increases in procurement staffing and budgets, drove a productivity gap of 7.4% and an efficiency gap of 7.8% (see The Hackett Group). We specialize in helping procurement organizations like yours do far more with less. Here's how we do it: • We help you build a source of truth of the procure-to-pay value chain. This means you have all the data you need, in one place, to make informed decisions. • We automate insight generation. No more trawling through spreadsheets or databases. Our systems do the heavy lifting for you, providing you with actionable insights as and when you need them. • We streamline workflows. Our systems are designed to be intuitive and easy to use, freeing you up to focus on what really matters: generating and sustaining cost savings and efficiency in your procurement processes. If you're a procurement professional faced with the challenge of doing more with less, then grab a complimentary copy of our '3-Step Guide to Spend Smarter and Sustain Savings'. This guide is exclusively for procurement professionals like you and gives you the key components to implementing a centralized procurement platform leveraging all the unstructured and structured data available to spend smarter and sustain savings. Follow the link in the comments below to get your copy. Note: If you don't see my comment below with the link, choose 'Recent Comments' in the dropdown below my post.

What makes you a good ‘Procurement Guy’ To excel in procurement, clear and structured thinking is essential. It’s not just about executing tasks but about driving meaningful impact. To do this effectively, you must: • Speak Plainly: Communicate ideas in a way that anyone can understand, avoiding unnecessary jargon. • Frame the Context: Provide the background that helps stakeholders see the bigger picture. • Answer with Precision: Deliver clear and direct responses that address the heart of the issue and no beating around the bush. • Simplify Complexity: Break down complex problems and present them in a cohesive, digestible way. • Navigate Narratives: Connect the dots between data, strategy, and outcomes to craft a story that resonates. Technology is already transforming procurement by automating repetitive, administrative tasks and handling the manual workload. This shift frees up time and space for professionals to focus on what truly matters. The real value of procurement now lies in telling compelling stories with data—making insights actionable and decisions easier for stakeholders. It’s about being the bridge between information and impact. You’re no longer just there to ensure processes run smoothly. Your role is to help the organization grow—through smarter sourcing, strategic thinking, and delivering measurable value. That’s the distinction that sets great procurement apart. ProcurementExcellence #ProcurementExcellence #StrategicSourcing #BusinessGrowth #DataDrivenDecision #LeadershipInProcurement

To stay relevant in procurement over the next two years, you need to go beyond just following a process; you need to understand the business itself. If your approach is only about "following the bouncing ball" and churning out tenders without grasping the underlying business drivers, there's likely a tech solution ready to replace that work. Here's how to add value that technology can't replace: 𝗦𝘁𝗮𝗿𝘁 𝗛𝗲𝗿𝗲: 𝟭. 𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗛𝗼𝘄 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗠𝗮𝗸𝗲𝘀 𝗠𝗼𝗻𝗲𝘆 Dive into the annual report, visit the warehouse, and connect with stakeholders across departments. Know what you're selling, how it is used by your customers and the associated supply chains. 𝟮. 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗮𝗻𝗱 𝗔𝗱𝗱𝗿𝗲𝘀𝘀 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗣𝗮𝗶𝗻 𝗣𝗼𝗶𝗻𝘁𝘀 Who in your organization ensures the ultimate customer is satisfied? Find out supplier or supply chain pain points and take actionable steps to resolve them. 𝟯. 𝗠𝗮𝘀𝘁𝗲𝗿 𝘁𝗵𝗲 𝗣𝗿𝗼𝗰𝘂𝗿𝗲-𝘁𝗼-𝗣𝗮𝘆 (𝗣𝟮𝗣) 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 Familiarize yourself with your company’s P2P process. What does the master data look like? What reports does leadership rely on? How many touchpoints exist in the P2P journey? Understanding these aspects will make you a critical part of the business’s success, not just a part of its process. ======================================= 𝗜 𝗮𝗺 𝗮 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗶𝗻𝘁𝗲𝗿𝗶𝗺, 𝗽𝗿𝗼𝘃𝗶𝗱𝗶𝗻𝗴 𝘀𝗵𝗼𝗿𝘁-𝘁𝗲𝗿𝗺 𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝘁𝗼 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝘀 𝗹𝗶𝗸𝗲 𝘆𝗼𝘂𝗿𝘀. With a keen interest in procurement technology, I help businesses optimize processes, tackle supply chain challenges, and build strategic value. If you're looking for an experienced partner to navigate the evolving procurement landscape, let’s connect!