Top procurement skills to know
Procurement in business is the art of buying the right product at the right price at the right time in order to maximise the available returns. In firming up your procurement strategy, there are some skills that you must acquire. Bespoke procurement support can often be acquired on favourable terms from a procurement recruitment agency.
Research and analysis
The initiating and planning stages of every procurement activity must be conducted rigorously. This involves researching the requirement and defining the parameters by which success will be measured. If a number of off-the-shelf products exist that satisfy the requirement, they must be assessed against common criteria to determine which represents best value for money.
Risk management
Throughout the execution and monitoring phases of delivery, it is essential that regular risks reviews are held and attended by relevant stakeholders. Risks must be identified, re-assessed and expired risks closed. All relevant supply chain management risks should be included and all those that are relevant to the product, supplier and operating environment.
Financial management
At all stages of procurement activity, a firm handle must be maintained on costs. Should actual costs exceed initial estimates or quotations, this must be immediately followed up on to determine why a difference exists and to take any remedial action that is necessary to restore affordability.
Lessons learned analysis
At the close of every procurement activity, a learning from experience session should be held with all stakeholders to confirm that the procurement activity was completed in accordance with the initial requirements, and to review any issues that arose and the way in which they were resolved. By recording any lessons learned, they can be applied to future projects. A specialist procurement expert acquired on a short-term contract via a procurement recruitment agency will be well placed to support this activity due to being unbiased.
Summary
The skills that are needed in procurement largely mirror those required for managing projects. The ability to assess costs and risks and take appropriate decisions are essential, as is the need to record outcomes for future analysis.