Foundations for Best Practice Procurement with Wax Digital Webinar

As organisations grow and develop, they go through different stages in their procurement journey. To begin with, the owner of the business probably does all the buying her/himself, and for quite a while, even as the organisation grows, there probably isn’t any professional procurement presence.

At some point, a finance person is appointed, who may take on some buying activities, then eventually a  “buyer” is appointed, who may be a professional, or may be a converted office manager, PA or similar. Gradually, it becomes clear that there is a need for some more structured processes, systems and tools to help improve procurement performance and meet the needs of the growing entity. That realisation is often driven by some incident, perhaps fraud, or a supplier failure, that makes people see what is missing.

In our new webinar, which you can catch here titled “Foundations For Best Practice Procurement”, developed in conjunction with spend management software firm Wax Digital, I’m tracking that development path, and highlighting the key issues, opportunities and risks that tend to drive organisations into investing in procurement best practice. What are the “pain points” for those growing firms, what are the implications for those who do not take the right action to address them, and how can we address the key issues? Those are the key questions we look at in the webinar.

The “pain” comes from both relatively obvious issues, such as the danger of fraud or missing out on the opportunity to apply leverage and consolidation to achieve economies of scale as the organisation grows. But there are also less obvious dangers. Having the right suppliers is critical for growing firms; that brings into play aspects such as reputational risk issues, or losing out on the innovation and added value that the right supply base can provide.

Our webinar was inspired in part by the Wax Digital “secret diary of an overworked procurement manager”, published on the firm’s website, and based on a survey of procurement professionals in growing mid-sized firms.

It is written in a very engaging manner and we rather enjoyed it in a slightly masochistic sense (it brought back some personal memories, both good and bad)!  It gives an imaginary – but very much rooted in reality – view of the trials and tribulations of a professional facing the challenges of working in a fast-growing firm without having the foundations of good procurement in place.

So we hope the webinar will strike a chord with those working in growing organisations, but it also should help anyone who is making the business case for investment in procurement, as it identifies many of those opportunities and risks. You can see and hear the webinar here (free on registration) and you can read the diary of the overworked procurement manager here.

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