Supply Chain Canada - Newfoundland and Labrador Institute’s Post

Transforming Challenges into Success: My Journey as a Procurement Officer   In my journey as a procurement officer, I've encountered countless challenges Each one has molded my skills and reshaped my procurement strategies. My path has been highlighted by tackling major pain points, creating efficiency tools, and forging robust connections that fuel success!!   Foundations in Procurement  I kicked off my career at Kasoa Polyclinic as a Procurement & Stores Assistant. My duties included sourcing various goods and services, ensuring adherence to regulations, and negotiating advantageous terms, which led to a reduction in procurement expenses by 10%! However, a significant hurdle arose when managing inventory discrepancies I tackled this by embracing inventory software, resulting in a 15% boost in accuracy. This experience underscored the vital role of precision!!   Excel Templates: A Game-Changer One of my standout accomplishments includes crafting dynamic Excel templates that revamped procurement processes! These templates automated data entry, slashed errors, and minimized administrative tasks by an impressive 30% Consequently, I could concentrate on strategic activities, particularly supplier negotiations. I truly credit a lot of this achievement to my mentors, whose invaluable guidance honed my capacity to harness technology for better results   In conclusion, the journey has been nothing short of transformative Each lesson learned and challenge overcome has prepared me for future hurdles The road ahead is filled with opportunities, and I'm eager to embrace them Who has ever experience same like me.

The last 4 years of my career revolved around procurement function across 3 different roles. A theme which is common among all 3 roles is the challenge faced in defining “Savings”. Value creation for procurement function is predicated on savings. The money we save by making better sourcing decisions, the better the supply chain functions downstream. This becomes even more pertinent when you are procuring in domains like agriculture(open market) and logistics(spot). Procurement is a strategic function where one defines the approach to sourcing. But the day to day tactics are determined by the market conditions of the day. This is main motivation behind price being closely tracked in open/spot markets and it is often considered as the ultimate signal. The common mistake which even I have done in the past is defining “Savings” as spend saved considering one’s previous instance of procurement. This is perfectly reasonable if market conditions remain the same across both instances which is not the case generally. Savings in procurement is saved spend compared to market conditions. There are two possibilities basing on the market conditions, one can either buy cheap or expensive. The way one gets to know how successful they are is based on how others have faired at the same time. Defining “Savings” and making it accessible has become my highest order bit as I continue to work with procurement function.

7 things I wish I knew when I started my career in procurement 15 years ago: 1. Strong planning is the backbone of procurement Every procurement journey starts with a well-thought-out plan. This strategy, detailed and comprehensive, ensures clarity in every step, aligns teams, and sets the foundation for achieving successful outcomes. 2. Procurement has a dual nature, it's more than just numbers
 Procurement is a multifaceted role that goes beyond mere numbers. It involves understanding market dynamics, building lasting relationships, strategizing for long-term goals, and navigating the complexities of global supply chains. 3.  Clarity in specifications acts as a detailed guide for suppliers Precise specifications are the cornerstone of successful procurement. They provide clear direction, eliminate guesswork for suppliers, ensure alignment with organizational needs, and form the basis for transparent and effective communication. 4. Dive deep to unravel the nuances of supplier selection Supplier selection is a comprehensive process. It's not just about cost but understanding their ethos, evaluating their technological capabilities, gauging their reliability, and ensuring a shared vision for future collaborations. 5. Mastering negotiation means subtle tactics that can drive powerful results
 Negotiation is more than just striking a deal. It's about understanding motivations, leveraging strengths, finding common ground, ensuring mutual benefit, and building a foundation for long-term successful partnerships. 6. With KPIs in focus, monitoring supplier performance becomes crucial
 In the world of procurement, KPIs are invaluable. They provide real-time insights, measure supplier performance against set benchmarks, drive continuous improvement, and ensure alignment with overarching business strategies. 7. Celebrate every milestone and build strong supplier relationships
 Every achievement, big or small, deserves recognition. Celebrating milestones not only boosts morale but also strengthens supplier relationships, fosters trust, and sets a positive tone for future endeavors. PS: Don't miss out on the opportunity to transform your career. Explore our courses now and take the first step towards mastering procurement excellence. Visit https://lnkd.in/db74GPhT and discover how our advanced courses can equip you with the skills and knowledge needed for success. Invest in your future today and become the procurement leader your organization needs. #Procurement #SupplyChain #Career

The Art of Procurement: Driving Value Beyond Cost Savings Working in the procurement department has given me a deeper understanding of its true value. Procurement today is not just about securing the best prices—it’s about driving strategic value and ensuring organizational success. Here are four key lessons I’ve learned so far in my journey: 1️⃣ Building Strong Relationships • Partnering with suppliers is not just transactional; it’s about fostering trust and collaboration for mutual growth. 2️⃣ Making Data-Driven Decisions • Data is the backbone of procurement. It helps us predict trends, optimize purchasing decisions, and add measurable value. 3️⃣ Prioritizing Sustainability • Ethical sourcing and sustainable practices are critical to building a responsible supply chain. 4️⃣ Mitigating Risks • Proactive planning and risk management ensure business continuity even during unpredictable times. Procurement is a dynamic field, and I’m excited to continue learning and growing in this role. What’s your perspective on the evolving role of procurement? Let’s connect and exchange insights! “Every day in procurement teaches me something new, and I’m eager to keep exploring this fascinating field.” #we #Almarai #Premier_Food

10 Reasons Why Procurement Jobs Will Never Die. Procurement jobs are a vital part of any organization, and their importance is only growing in today's fast-paced business environment. Here are 10 reasons why procurement jobs will never die. For a detailed explanation and access to a high-resolution PDF, please follow this link: https://lnkd.in/gYyGgEwP #escmsupplychain #escm #procurement #sourcing #purchasing #strategicsourcing #supplychain #enablingsupplychain #success #jobs #career ------------------- I write regularly on Procurement | Supply Chain | Logistics | Sustainability. Follow Efrata Denny Our company page: ESCM - Enabling Supply Chain Management

Being a procurement professional in today’s dynamic environment / If you consider a career in Procurement? 🌎💻Here’s what you should know… -In a world where supply chains are becoming more complex and interconnected, being a procurement and supply chain professional today is both challenging and incredibly rewarding. -In procurement, every day is different. You could be analyzing market trends, negotiating with suppliers, or finding innovative ways to optimize costs while ensuring quality. The role demands a blend of analytical thinking and soft skills like communication and collaboration. -As a procurement guy, I can confidently say that this field is an incredible mix of strategy, negotiation, and relationship-building. If you’re someone who thrives on problem-solving and enjoys working with diverse teams, procurement might be the perfect career for you. -One of the most rewarding aspects of this career is the impact you can have on your organization. By securing the right materials & right services at the best terms, you’re directly contributing to the company’s bottom line and long-term success. -Proud to be part of a profession that is not only vital to business success but also plays a crucial role in creating resilient and sustainable supply chains for the future. #Procurement #Supplychain #Profession #Article #CareerAppreciation

From the time I joined AbInbev, I have learnt that procurement in a fast-paced environment requires adaptability, agility, and strategic thinking to navigate the complexities of the industry, meet evolving demands, and drive sustainable growth and profitability. As a Procurement Manager in the FMCG industry, it entails several key responsibilities and challenges such as but limited to: - Rapid Decision Making: In the FMCG industry, market dynamics can change quickly due to factors such as consumer trends, competitor actions, and supply chain disruptions. Procurement managers must be able to make rapid decisions to capitalize on opportunities and mitigate risks. - Agile Sourcing: FMCG companies often deal with a large volume of products and suppliers across various categories. Procurement managers must continuously monitor market conditions, negotiate contracts, and source materials efficiently to ensure uninterrupted supply and meet demand fluctuations. - Supply Chain Management: FMCG products have short shelf lives and high demand, requiring efficient supply chain management. Procurement managers must collaborate closely with logistics and distribution teams to optimize inventory levels, minimize lead times, and ensure on-time delivery to customers. - Cost Management: Cost management is critical in the FMCG industry, where profit margins can be slim. Procurement managers must constantly seek cost-saving opportunities, negotiate favorable terms with suppliers, and optimize procurement processes to reduce expenses while maintaining quality and compliance. - Quality Assurance: Ensuring product quality and compliance with regulatory standards is paramount in the FMCG industry, where consumer satisfaction and brand reputation are at stake. Procurement managers must select reliable suppliers, conduct rigorous quality inspections, and implement robust quality assurance processes to uphold product standards. - Innovation and New Product Development: FMCG companies often introduce new products and innovations to meet evolving consumer preferences and market trends. Procurement managers play a crucial role in sourcing innovative materials, collaborating with suppliers on product development, and bringing new products to market quickly and efficiently. - Risk Management: FMCG companies are exposed to various risks, including supply chain disruptions, market volatility, and regulatory changes. Procurement managers must proactively identify and mitigate these risks through strategic sourcing, supplier diversification, and contingency planning. - Cross-functional Collaboration: Procurement managers in the FMCG industry work closely with various internal stakeholders, including sales, marketing, production, and finance teams. Effective communication and collaboration are essential to align procurement activities with business objectives, ensure seamless coordination across functions, and drive collective success. Jeff Shakumbila #TheProcurementLead!

Why the best procurement category managers will thrive.

10 Reasons Why Procurement Jobs Will Never Die. Procurement jobs are a vital part of any organization, and their importance is only growing in today's fast-paced business environment. Here are 10 reasons why procurement jobs will never die. #escmsupplychain #escm #procurement #sourcing #purchasing #strategicsourcing #supplychain #enablingsupplychain #success #jobs #career ------------------- I write regularly on Procurement | Supply Chain | Logistics | Sustainability. Follow Efrata Denny Our company page: ESCM - Enabling Supply Chain Management