Best Practices Level-2 :

Procurement is a critical function that requires expertise, knowledge, and experience. To help procurement experts further improve their skills and stay up-to-date with the latest developments in the field, we've compiled a list of five best practices that they should keep in mind.

1. Develop a procurement strategy based on data: Procurement experts should develop a procurement strategy based on data analysis to ensure that all procurement decisions are based on accurate and up-to-date information. They should also stay up-to-date with the latest trends and best practices in procurement.
2. Foster strong supplier relationships: Procurement experts should work on building strong relationships with suppliers to ensure timely delivery of goods and services and access to the latest industry developments and trends. They should also collaborate with suppliers to find ways to reduce costs, increase efficiency, and improve overall performance.
3. Implement advanced technologies: Procurement experts should take advantage of advanced technologies such as artificial intelligence, machine learning, and blockchain to improve the procurement process, increase efficiency, reduce errors, and improve overall performance.
4. Continuously improve the procurement process: Procurement experts should regularly evaluate the procurement process to identify areas for improvement and make necessary changes to increase efficiency, reduce costs, and improve overall performance. They should also stay up-to-date with the latest procurement tools and technologies.
5. Ensure compliance: Compliance with legal and regulatory requirements is critical for procurement experts. They should ensure that all procurement activities adhere to relevant laws, regulations, and policies, and work with legal and compliance teams to ensure that they are up-to-date with any changes to these requirements.

In conclusion, procurement experts should develop a procurement strategy based on data analysis, foster strong supplier relationships, implement advanced technologies, continuously improve the procurement process, and ensure compliance with legal and regulatory requirements. By following these best practices, procurement experts can improve their skills, stay up-to-date with the latest developments in the field, and contribute to the overall success of their organization.