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New Year wishes for the procurement solutions and services marketplace 2022

Spend Matters

As we roll into 2022, we would love for Procurement to own the mandate of championing supplier relationships, through three main focus areas: unlocking data, removing friction and unearthing what really makes suppliers tick.

1. The most meaningful, data-based corporate initiatives

Our first wish is for procurement to become the reporting center for all corporate initiatives. With most organizations pivoting to address ESG issues, any resulting initiatives should, ideally, be as impactful as possible. The only way to ensure this, is to base them on quality supplier data.

If, for instance, a company launches a sustainability program, orchestrating the decision in the first instance will depend heavily upon data — as will implementing it. To ensure compliance, visibility into the supply base is absolutely crucial. Who are our suppliers? Where do the risks lie?

The best way to collect this valuable data, is to make it easy for suppliers to provide. At HICX we think of this as part of a wider movement: supplier experience management. The principle calls for organisations to enable a single version of truth across all supplier data, by making life easier for suppliers. This motivates and frees them up to provide more information.

Apart from being the right thing to do, corporate initiatives also present a major opportunity for manufacturers to examine their supply chains. There’s no better function to help get the house in order, than Procurement. Thanks to their close supplier relationships, insights into these businesses and deep data expertise, Procurement teams are well placed to collect, automate and report on superior supplier data – forming the cornerstone of meaningful initiatives.

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