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As the procurement function shifts from being tactical to the strategic, a deeper focus on category management is required to achieve breakthrough value. To transition to a strategic organization partner, it is vital to develop strong, long-term category strategies aligned with corporate and stakeholder objectives.
Category management for the future requires skilled managers, innovative processes and efficient tools and templates to drive success. When addressed as a change management effort, such a strategic transformation can have far-reaching benefits for organizations in terms of total cost of ownership, risk management, supplier innovation and capability development. Hence, it’s imperative for companies to:
Groom category managers to evolve as leaders who will drive procurement to bring significant strategic value
Equip the procurement team with skilled category managers, and differentiated processes and tools
The benefits of plugging the gaps between skill sets and performance expectations can bring in better business outcomes for enterprises.