New Zealand
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

New Research Reveals The Five Key Barriers To Strategic Excellence For ANZ Procurement Teams

In the most significant initiative of its type in this region, more than 300 visionary procurement leaders from organisations in Australia and New Zealand (ANZ) have come together to discuss the future of procurement for a comprehensive research report called Future-Focused Procurement: Forging Ahead in ANZ. The report has revealed the five crucial barriers to achieving strategic excellence in procurement.

Time pressure is rated as the number one barrier, followed by skills, with the majority rating their skills capability as reasonable. These are followed by support from leadership, organisational structure and the availability and interpretation of data.

Portt, an Advanced company, commissioned the report. It was conducted in April and May this year by TRA, an independent research agency, to provide key insights into the minds of procurement leaders in this region. It was conducted across various public and private sectors, including construction, public administration, safety, education, training and professional services.

According to Chris Holmes, Vice President of Spend & Governance at Portt, an Advanced company, the report underscores the immense potential of procurement leaders to drive better business outcomes for their organisations. It provides invaluable insights into the future of procurement, offering practical solutions to overcome the immense but not insurmountable challenges facing the procurement sector.

“The report shows that ANZ's procurement leaders increasingly recognise the transformative power of technology in elevating their approach from servicing to strategic, improving the procurement experience and enabling an outcomes-first mindset in their business partnerships,” said Chris Holmes.

How technology helps overcome the five barriers to achieving strategic excellence in procurement:

  1. Technology as an Advantage Lever: It revealed the pivotal role of procurement technology, emphasising that businesses can embrace outcomes-based procurement, prioritising results over processes and efficiency.
  2. Adopting an Outcomes-First Approach: Technology instigates a transformation in mindset, shifting the focus from processes to solutions enabling professionals to prioritise relationship development and outcomes by providing enhanced data visibility, planning capabilities and streamlined processes.
  3. Efficiency as a By-Product: In this paradigm, efficiency naturally emerges as a by-product of the outcomes-first approach. Organisations streamline processes to eliminate waste and inefficiencies, prioritising achieving specific goals.
  4. Evolving from "Servicing" to "Strategic": Procurement is no longer confined to essential compliance and processes; technology automates and streamlines these aspects, freeing professionals to focus on strategic and relationship-building efforts.
  5. Prioritising the Procurement Customer Experience: A shift towards a procurement customer experience mindset places business partnerships at the core of procurement, emphasising a holistic approach to strengthening business outcomes. Technology enhances this by providing smoother customer experiences through online portals, enhanced workflow visibility, automation and transparency.

“Our groundbreaking procurement report found that ANZ organisations are ready to transition to a procurement customer experience mindset. This represents a significant shift in how they approach supplier relationships and procurement processes since it places business partnerships at the heart of procurement activities to help strengthen business outcomes," said Mark Reddy, Global Director of Growth for Spend & Governance at Portt, an Advanced company.

The report found that procurement teams in ANZ are now uniquely positioned to guide businesses through market volatility and uncertainty, delivering sustainable advantages over their competitors.

"Technology enables a proactive, strategic approach to procurement beyond providing a service. This research confirms our belief that relationships and strategy must be the priority in procurement rather than the basic compliance and processes that procurement teams have traditionally focused on," concluded Chris Holmes.

Download the full report to explore how ANZ's procurement leaders can drive innovation and deliver superior outcomes.

About Portt – an Advanced company

Portt is the fastest-growing provider of SaaS procurement, contract and supplier management products across Australia and New Zealand. Portt believes in empowering modern employees to do their job easier, faster and more effectively. Founded in 2010, the company boasts a strong track record of annual growth and a reputation for doing business with some of the region's most complex public and private sector customers.

Acquired by one of the UK’s fastest-growing software companies, Advanced, in March 2022, the merged organisation has 45 employees and has offices in Sydney and Newcastle in Australia and Auckland and Wellington in New Zealand. For more information, visit https://www.portt.com/

© Scoop Media

Did you know Scoop has an Ethical Paywall?

If you're using Scoop for work, your organisation needs to pay a small license fee with Scoop Pro. We think that's fair, because your organisation is benefiting from using our news resources. In return, we'll also give your team access to pro news tools and keep Scoop free for personal use, because public access to news is important!

Go to Scoop Pro Find out more