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Hackett Plots Evolution of Procurement's Value Proposition
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Hackett Plots Evolution of Procurement’s Value Proposition
October 25, 2007 - How can procurement organizations evolve from a traditional tactical sourcing focus to a comprehensive position of value management? By moving through five discrete stages, which help them develop new skill sets and operating models enabling them to eventually reach a point where procurement’s sole agenda is to advance and support business strategy, according to new research from The Hackett Group.
Hackett’s research, “Evolving the Value Proposition of Procurement – A Five-Stage Model,” looks at today’s procurement environment. It endeavors to answer the question being asked by many procurement executives today, “What is the future of procurement and how can I evolve my value proposition to sustain and improve long-term relevance?” The research describes the path that leading procurement organizations follow as they evolve towards world-class performance levels.
Hackett has found that successful procurement organizations not only inevitably hit a tipping point where the business seeks procurement’s involvement, but also move through five discrete evolutionary phases:
- Assurance of supply: right goods and services at the right time.
- Price: right stuff and at the right price.
- Total cost of ownership (TCO): from price to TCO.
- Demand management: see and shape demand.
- Value management: increase business value from spend, not just reduce spend magnitude.
At each evolutionary stage, Hackett’s research details key performance metrics, skill sets, empirically proven best practices and emerging leading-edge practices.
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