Harness the value of key suppliers and third-party spend with this accessible examination of the critical value of procurement to business.
A company's success is determined by its ability to utilize all its assets. Yet two assets often neglected by the boardroom are the amount it spends on goods and services and the expertise of the organisation's key suppliers. This highly accessible book will help you understand how to tap into these assets to secure competitive advantage. With application to organisations in all industries internationally, Strategic Procurement details why procurement is critical to successful business performance. It explores the strategic value of procurement to business and the potential for significant cost savings through maximising value from suppliers and third-party spend.
A lot has changed in the world of strategic procurement. While many developments have served to reinforce the business value of good procurement practices, there are many risks associated with poor procurement. On the upside, procurement's role has increased in many recent mega-mergers. On the downside, there are glaring examples of supply continuity issues triggered by natural disasters; reputational issues related to supply chains of companies like BP and Apple; and the inadvertent role played by suppliers as the weakest link in cyber-crime.
This second edition of Strategic Procurement has been thoroughly updated to reflect these developments. Besides real-life case studies, there is a new chapter on procurement's role in delivering successful mergers and acquisitions as well as three new chapters exploring the mitigants to a variety of supplier-related risks. Additionally, there are expanded sections on corporate responsibility, procurement proficiency, good procurement across the organisation, and new ways of supplier collaboration.
The book concentrates on the 'why' and 'what' of good procurement, rather than the 'how'. It covers the whole spectrum, from the basics of what is indirect spend, to securing executive sponsorship for the function, looking at the strategic value of the function rather than the nuts and bolts of its implementation.
The new risk section starts with 'Chaos Theory', in the context of supply continuity, using the 2011 tsunami and the floods in Thailand to illustrate her points. She looks at what makes us vulnerable, then suggests some of the actions we can take to protect our organisations. The chapter on Cyber-crime won't be of value to every procurement reader; but the one titled 'Reputational Risk' certainly is. Overall, the book provides very thoughtful, readable and useful material...We thought the first edition was well worth buying and reading; the second is even better with important additions and updates.
Peter Smith, Spend Matters
Strategic Procurement provides a fresh and memorable perspective on the upside potential, common challenges, and unique capabilities of modern procurement, and recognizes new requirements such as risk management and M&A support.
Kelly Barner, Buyers Meeting Point
This book takes the subject of strategic procurement and makes sense of it in a way we can all connect with. The key components of strategic procurement are explored in turn, including key concepts such as category and supplier management and CSR. The subject is contextualised in modern, organisational theory, and throughout the book, Booth weaves in a practical route map that demonstrates exactly what organisations need to put in place if procurement is to make a worthwhile contribution to organisational success. The book is a delight to read and brings the subject to life, made understandable through a rich collection of examples, practical tips, and by links to all our daily experiences. It does not feel like a business book at all but a compelling story of how to make procurement great, and that every senior manager should read.
Jonathan O'Brien, CEO of Positive Purchasing
Successful corporate executives recognize the opportunities presented by strategic procurement. This book shows readers how to cut costs while improving business processes, and focuses on the importance of supplier relationships. Topics covered include optimizing supply chains, understanding the role the entire enterprise plays in good procurement, making the company important to suppliers, dealing with mergers and acquisitions, managing supplier-related risk, and managing the rewards and pitfalls of global supply.
Booth's book is a great guide for procurement leaders and organizations looking for inspiration to enhance their communication and consensus building skills. The book speaks to executives and senior managers to help them better understand the untapped value suppliers can deliver to their organizations-and the role collaboration plays in tapping that value.
Alex Zhong, IBM
Caroline Booth specializes in procurement transformation - helping organizations to recognize and exploit the real value of third party expenditure and suppliers' expertise. She has enjoyed an international career in business and consultancy with Shell, Ernst & Young, Lloyds Banking Group and more recently, as Chief Procurement Officer for TD Bank Group.
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