Business Wire India
WNS-Denali, an established leader in global sourcing and procurement solutions, has released a Benchmark Study
on procurement performance and team dynamics in partnership with the Chartered Institute of Procurement & Supply (CIPS).
As a part of the study, 300 global firms across industries were polled to better understand the drivers of top performance procurement, and to identify common threads among high-performing procurement organizations.
The study highlights “Total Business Alignment” as the one indisputable indicator of procurement performance. High-performing procurement organizations constantly seek to prioritize their business needs and proactively address them to unlock optimal business value. While 60% of high performing procurement organizations have a clearly documented vision and value proposition for procurement, nearly 80 percent of these firms separate strategic roles from operational roles.
“We are delighted to have partnered with CIPS for this joint research effort. I am confident that the findings will help procurement organizations align tightly with business goals and emerge as valuable partners in their corporate ecosystem,” said Keshav R. Murugesh, Group CEO, WNS.
Digitization emerged as another key theme in the study. Not surprisingly, 100% of high performers emphasized the importance of adopting digital tools. However, 43% of those surveyed expected more value from their digital investments indicating a dire need for reviewing procurement plans and progress from a digitization standpoint.
“This research study provides procurement practitioners with data, trends and recommendations to help them outperform in an era of rapid change and digitization,” said Alpar Kamber, Head of Procurement Services, WNS. “The study also offers insights into key business drivers across industries and specific corporate models that can help procurement organizations measure up against best-in-class industry benchmarks.”
“Every business is unique and therefore it’s no surprise that there is no one-size-fits-all formula for success, but this report will get companies thinking,” said Helen Alder, Head of Knowledge and Product Development, CIPS. “Focusing on key strategic objectives of the business and working out what procurement should focus on to contribute to this success is key,” she added.
The full report is available for download here
. To learn more about how to help organizations prepare for the Future of Procurement, explore WNS-Denali Insights