What Exactly is the Procurement Excellence Function all about?

I want to share my learnings on What exactly a Procurement Excellence function should do? Most of the Procurement Excellence function starts as a thought experiment but ends up as an admin function or merely a support function to churn reports and ad-hoc business analysis work!

It is because of weak value deliverables and a lack of strong use case implementations.

To create a successful Procurement Excellence setup, one has to develop a comprehensive collection of workstreams. I plan to talk in detail about 12 workstreams, namely:

1.) Cost Saving Opportunity Identification and Execution Management

2.) Negotiation Excellence

3.) Process Efficiency Improvements

4.) KPI definition and Performance Benchmarks

5.) Cost Model Innovations

6.) Supplier Management

7.) Digitization and Adoption

8.) Market Intelligence

9.) Machine Learning and Data Science Projects

10.) Category Strategies

11.) Process Audit, Compliance and Backtesting

12.) Sustainability

As you can see, the Procurement Excellence function is not about Procurement digitization alone too.