In our new digital era, marketers find “Marketing Procurement” to be one of the best tools for managing campaigns at the right time and in the right way. By analyzing all the dynamics of business environments, marketing procurement is set to launch new trends in regard to marketing.
With fresh new attitudes of 2017 still resonating, and budgets fast approaching, the procurement professionals have to rethink about their current practices, and then consider how they can actually improve or even replace them. If you’re looking to do a bit of chopping and changing where your marketing procurement practices are concerned, here are top 5 trends in marketing procurement in 2017:
1. Teamwork Between Departments
From strategic sourcing and procurement to IT and accounting, back-office integrations make sure marketing is never viewed as a silo. Allowing other departments in the company to have their input to the buying process might bring additional ideas and viewpoints to the table that are vital and otherwise might not be considered. For instance, a plant manager might convey the ongoing maintenance needs and the accounting professionals might discuss purchase orders and invoices.
Taking multi-departmental approaches to purchasing is of greater importance in the specialist purchases, like that of dedicated equipment or specific machinery. Involving the departmental professional in the purchasing of these services and products will allow you to make sure that your purchase is the best for your intended use, and it could save you a lot of money by using their expertise so as to make educated comparisons.
2. Strong Supplier Relationships
Relations with the suppliers is nowadays more important than ever. This is because time to market is a very important part of the process, and it’s supported by the company’s ability of obtaining constant and quality supply from the dependable suppliers.
Instead of opting simply for lowest cost suppliers, the procurement professionals should be looking at the suppliers with the ideal tools and training so as to enable them to help you throughout the production and design process.
3. Procurement Software
Comprehensive project and procurement management technology delivers maximum agility and complete visibility of complex supply chains, with all project data flowing through a single integrated system of record. Moreover, procurement professionals and suppliers share and also manage information like catalogues, purchase orders and contracts online. In turn, this streamlines the whole global procurement process. They can use records to easily and quickly hold suppliers accountable, plan global transactions and gain accurate supplier information. Procurement software nowadays delivers improvements in costs, vendor management, process flow, ultimately simplifying the marketing procurement process for all involved.
What to look for in selecting the right procurement software?
- Widely integrated with other enterprise software systems
- Support for print procurement and digital production
- Robust reporting of costs, project turn times, more
- Real-time analytics for project update statuses as they happen
4. Total Cost Of Ownership Over Time
Total cost of ownership, commonly known as TCO, now stretches further than before, incorporating indirect and direct costs, transaction and other costs of disposal. TCO allows buyers to see a complete view of financial investments, and it also enables them to compare the different variables as well as incorporating concepts like sustainability. A modest up front investment can produce a significant ROI, potentially hundreds of thousands of dollars in cost savings, in a short period of time.
5. New Key Performance Indicators
Key performance indicators (KPIs) are what usually enable buyers to measure the success rate of their procurement organizations, and in turn determine the best paths for the future. Each and every department has their own unique KPIs which are associated with their goals. When combined with the goals of the other departments they form a complete picture of the company’s success.
The important KPIs for purchasing teams usually include product or service quality, availability of inventory and delivery times being met.