Redefining the Role of Modern Procurement Process in 2024: Zycus

Traditionally, the procurement teams have been labelled as cost centers; they are an expense that drains away profit from the bottom line. However, now the procurement teams need to change this outlook and project itself as a department that is commercially driven and adds value to the organization. It needs to stop playing the role of being just a support function.

With modern businesses having exposure to complex issues like brand name protection, supply chain risk, regulatory compliances, audit etc., it becomes critical for the procurement professionals to reconsider their original position and align themselves to the strategic need of the business.

Here are 6 ways the Modern Procurement Process can add greater value to your business in 2024:

• Having a pro-active approach
• Owning Savings
• Standardized Automated Processes
• Vendor Analysis
• Innovative Supplier Management
• Actionable insights from stored information