😵 RIP RFP?
🎤Attend "5 Strategies for Cost Reduction and Value Creation in 2024"
Hey Procurement Legends,
The World of Procurement is picking up speed especially when it comes to tech! I’m so excited to be operating in and around Procurement in 2024. What a year we have ahead of us.
The Procurement Legends Newsletter is brought to you by:
Procurify is purpose-built to tackle AP and purchasing challenges that cost you the most time and money. With the most complete mid-market procure-to-pay platform, Procurify makes it super easy for customers to manage spend – saving them money at a time when every dollar matters.
I'd like to inform you of an AWESOME webinar Procurify is running in March. Check it out and sign up using the link.
5 Strategies for Cost Reduction and Value Creation in 2024
Learn how best-in-class procurement leaders are leveraging the right technology to streamline operations, reduce costs, and improve the effectiveness of their purchasing.
What I'm Thinking (about Procurement)
RIP RFP.
I’ve seen several posts in the last two weeks about the nature of the RFP and whether it is fit for purpose. I’m happy to see these conversations happen across LinkedIn. I’ve seen three camps emerge:
1- Those who say “RIP RFP”
2- Those who say “Reimagine the RFP”
3- Those who love the RFP
Everyone has valid views and I won’t dismiss any of these POVs. For me, the RFP has been wielded incorrectly for so long that it’s lost the respect of the business. When that happens, we need to find a new way to “do procurement”. I'm not sure whether that is saying “RIP” to the RFP or reimagining it (RIP is my slight preference). Procurement Tech is going to assist with this.
I’m saying 2024 could be the year where we see wider adoption of procurement tech than ever before, and the RFP may significantly change.
Let’s see - Let me know your thoughts in the comments.
One Procurement Tech-Focused Insight
I’m having more conversations that ever before about the ways in which Procurement Tech can help you complete your tasks in procurement whilst ensuring your organisation is happy with “procurement”.
But…a lot of the questions I’m being asked are fairly basic still so we certainly have a knowledge gap. And that’s great, because we can do a lot to gain knowledge.
My number one suggestion for H1 this year is to go to Procurement Tech demos, webinars, and events, and see what they can do for you.
Everyone has a different focus.
I get asked all the time: “What tech should I get”…I cannot answer that question without understanding your organisation, the culture, the existing tech, and your objectives.
PS. I want to slot in another suggestion that you check out what Procurify are up to. I met Aman at DPW (their CEO) and he might just be one of the kindest guys I’ve ever met.
One Piece of Content I've Found Useful
ICYMI
My Procurement Reading List
Check this out here - make sure you get one of these books.
How you can Support World of Procurement Elsewhere
Take our Contract Management Course for Beginners
Digital Products (mostly free)
Thanks
Daniel
PS. I wanted to share my POV on introducing sponsors. I want to grow World of Procurement as a brand and an offering to make sure Procurement realises its full potential. I’ve been putting in 10+ hours (sometimes more) with World of Procurement since December 2019…out of pure passion.
I’ve realise that to take World of Procurement to the heights I want to get it that opening this Newsletter for a Sponsored Slot each week helps fund our efforts and let’s me build out a small team of freelancers to assist in this effort.
I will only bring sponsors in that I get a good vibe with, who are doing incredible things in the procurement space, and who will give you incredible amounts of value.
Any feedback on this is welcomed.
My goodness you deliver content packed with value.
RFP's are the latest punchbag on LinkedIn! If you look at all the complaints/gripes/reasons people think they're dead, it's examples of people running bad processes, not the process itself. Any process is going to get a bad rep if it's handled poorly
If the "agile" way of running processes becomes the new norm, to me this is just the evolution of the RFx process. It's still an exchange of data, ideas, commercial info and costs, with collaboration between internal and external teams. If that's not what an RFP is today, then you're doing it wrong...