Every procurement professional tries to work on growth but not all become successful because there is a huge difference between growth and success. Apart from growth, two things you need to add to the recipe are “integrity and ethics”. The moment you add growth, integrity, and ethics, it becomes progress and the moment you add happiness and peace to progress, it becomes success. You must add these elements together in growth to be successful.
Every single penny that an organization authorizes for procurement cannot achieve its intended results until the team doesn’t consider it as their own money. The team must realize it is not material it is money.
Example Quoted by Amit: In my organization, we came up with an innovative idea, we started labelling material with its monetary value so that people handling that part can visualize it as money instead of seeing it just as an another material. We should always feel that it is part of our money and that is how an organization grows organically.
Key Takeaway: 70-75% of direct and indirect purchase costs in a Manufacturing Company are handled by the Procurement Team whereas in Service Sector, 90% of the purchase costs is are handled by the Procurement Team. Therefore, in Procurement, it is all about integrity and ethics as this job is so lucrative and integrity is vital for the growth of the company.