For the majority of pharmaceutical companies, procurement is long overdue for a significant re-think.
The COVID-19 crisis created an urgent need, as well as a unique opportunity, to ensure that the procurement function can optimise costs in effectively supplying technical operations.
To achieve and sustain improvements, companies need a transformation approach that is self-funded and carefully sequenced. The ability to gain greater visibility into spending lays the foundation for improving the management of categories and suppliers as well as optimizing expenditures on indirect categories.
To fully unlock the opportunities, companies must build the enabling capabilities related to people, and systems.
These improvements provide the basis for a strategic collaboration in which procurement teams take a seat at the table with business and finance teams to proactively manage costs across the life cycle of products.
How far are you on your Procurement transformation?
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