Top 4 things that I will DO in Q4 to create a HIGH IMPACT in Procurement organization: 1) Costs Management: Are you able to rejig your costing models to leverage the current situation? A) Falling commodity prices: - Aluminum is down by 30% YoY, Zinc by 22%, Copper by 27% - Steel by 33% B) Rising Energy prices: Recent decision by OPEC to cut Oil product, could be the catalyst to accelerate the recession apprehension. But, I think we are scheduled to see Crude back at 110+ leve

2023 is going to be a game-changer for the truly advanced Procurement team, and it is going to be a nightmare for mediocre ones. Why? Well, almost everybody is apprehensive about the 2023 economic scenario. Weakening consumer demand and lesser sales revenue would mean additional pressure on cost optimization (and hence procurement) for margin improvement. This, combined with the Supply chain crisis and inflation, is forming the Bermuda Triangle for Procurement in 2023. Cost s

1) Identify suppliers and categories where you can play & make strategic changes and product innovations 2) Data & Digitization have uplifted the Procurement Skillset Requirement. If you are not asking for both while hiring your team, you are rooting for mediocrity 3) Look for local optimization opportunities. This should be done iteratively & not once-off 4) Specificity: Develop specific knowledge about your category, new process or cost modelling. This can not be taught or

What is your roadmap to deliver 5% EBITDA margins in 2023? The top 1% of Procurement CPOs are solving big challenges of 2023 and beyond, whereas the rest of the 99% are preparing for "keeping the lights on" as a priority! This is how I will set my goals for 2023 1.) Priority Areas for Cost Management = 30% 2.) Risk Management and Negotiation Excellence = 20% 3.) Aggressive Automation = 10% 4.) Digital Process Governance = 20% 5.) Sustainability =20% Let me expand on the first

1) Allow Employees to be Entrepreneurs 😎 Instead of shelling out millions on substandard generalist 3rd-party solutions, allow your employees to work on 0-1 problems to solve high-impact solutions for you. There are so many Procurement problems that can be solved with ingenious in-house solutions rather than chasing a shiny conference with pretty presentations. Fund such employees and projects, be the first customer and co-own the equity/revenue share arrangements. 💸 💵I ca