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Partnering with Procurement to Increase Automation
By Aaron G. Thum, Executive Director, Procurement and Vendor Management, GardaWorld Cash Services
Both groups are driven to protect the company, reduce risk, streamline processes and ultimately help operations achieve the best possible outcomes with the greatest ROI. Both groups are striving to educate others within the organization of the significant value they contribute to the business. Both groups touch all other functions within the business while also possessing the ability to generate tangible bottom-line results. So it naturally makes sense that when these functions work closely together, something truly great can happen. They can combine their expertise to become a significantly more potent driver towards achieving business results and positioning an organization for future success.
This isn’t about working together to negotiate a better deal on laptops or the next software renewal (although they should be partnering on those initiatives as well). It’s about creating a working relationship to engineer the automation of common manual processes. Utilizing technological automation can play a huge role in achieving the goals of both functions (upgrade/improve/speed-up and simplify/save/reduce) at the same time. Even better than achieving the annual goals is watching the contributions made to the business overall—establishing a long-lasting infrastructure, building competitive advantage, speeding up execution and reducing waste to name a few.
It’s about creating a working relationship to engineer the automation of common manual processes
Another great example is the automation of contract management. Depending on the business size and needs, contract management may require many more resources from an organization than one would expect. Contracts within an organization usually require many hours of labor from highly paid personnel (legal, contracts, executives, amongst others.) to produce, review, approve, modify, and negotiate. Great contracts are certainly worth the investment since they ultimately affect the long-term performance of a business in every way, but what is the cost to continually manage those contracts efficiently? The ability to have a standard contract template with pre-made clauses will reduce reliance on legal review and risk. If something new arises, it can just take an hour of legal review to create a new paragraph instead of reviewing the whole contract. Automated routing of exceptions for approval can ensure that the chain of command is never broken while increasing visibility and significantly reducing completion times. Utilization of a central cloud repository with access control can simplify the management of agreements and allow the appropriate personnel access to the right information when it is needed.
The opportunities are there. It can be as complex or as simple as your business and budgets require. But this type of perspective and partnership is what shapes the future of a business. It is what drives an organization to be best in class and do so much more, so much faster, while using so much less. These results are what will elevate both teams as potent contributors to the business.