If we’ve learned anything in recent years, it’s that business changes in an instant. Thanks to technology, our world is much smaller. The speed at which we conduct business is happening faster. Efficiency is a priority. No industry or department is excused from getting business done cheaper and faster. So it stands to reason that an efficient (but effective) framework for activating a procurement strategy would interest purchasing teams around the world.

Look no further. Here are five steps to activate your procurement strategy for your organization.

  1. Evaluate

Before kicking off a new strategy, take a closer look at your current strategy. What’s working? What’s getting in the way of success? It helps to identify areas of strength and weakness in advance of making big changes so you can better anticipate possible outcomes.

  1. Engage

The best way to activate a new procurement strategy is to take the time to hear from every stakeholder. What you may perceive as a challenge, another colleague may see as an opportunity. Take the time to hear from everyone and enlist their help in the process.

  1. Prioritize

Net of engaging your stakeholders, what issues or concerns have floated up to the surface? Now’s the time to prioritize items that need to be addressed first – like the need for improved technology partners.

  1. Invest

Consistently check on your new procurement strategy to make sure the process is working. Don’t stop after the priorities have been made and agreed on by key stakeholders. Ensure the strategy integrates with other plans and still works for all those involved, meeting the objectives of the strategy.

  1. Review

Once you have executed your new procurement strategy, be sure to review it throughly. Events such as company growth, consumer demand, inventory changes and sales can all create hiccups or changes in process. Make sure you can modify your plan as you go – using internal and external changes to ensure long-term success.

While these steps may appear brief, it’s important to note this is more of a cycle over time and less of a “one and done” process. Inevitably, you may find yourself back in the “Evaluate” stage trying to determine what’s working and what’s no longer a working process. And while the world isn’t slowing down, there are new technologies becoming available. Stay on the hunt for those solutions that can help you do your job better. By evaluating your process, even if it’s for the second or third time, you can better determine the areas your organization can benefit the most from technology or outside assistance.

What other steps would you add to our five?