Stakeholder Engagement: Perspectives from Dubai
Does Procurement have an identity crisis? Should Procurement have more self-belief? These were two of the questions discussed at length by delegates during CASME’s Stakeholder Engagement RoundTable, recently held in Dubai.
Procurement is not beholden to stakeholders, but it should focus on delivering shareholder value. It is, after all, company money that is being committed and spent, not an individual stakeholder’s budget.
Adding value is something Procurement does effectively. This consists of:
- Managing internal and external relationships to unify objectives and bring different functions together
- Implementing controls and managing compliance through effective category management
- Delivering innovation
- Managing risk
- Sharing acquired market knowledge.
The delegates recommended that Procurement should:
- Sit alongside stakeholders to develop a common understanding and more effective communication
- Become a master in change management
- Drive innovation
- Instigate supplier forums, to showcase how suppliers can add value beyond competitive pricing
- Communicate success
- Earn respect, and this may not always mean being liked or agreeable.
Detailed notes from the Stakeholder Engagement series of RoundTables will subsequently be made available to CASME subscribers. Contact us to find out more about CASME RoundTables and gain a complimentary invitation to one of our events.