Steal knowledge from your peers!
Stealing from your peers may sound ethically questionable, but in today’s fast-paced and increasingly frenetic business environment, individual CPOs simply do not have the time or resources to develop their own solutions to every challenge. That’s why peer groups such as The Faculty Roundtable come together for collaborative learning and to share knowledge around best practice procurement.
How do we identify best practice? In statistics, an "outlier" is defined as a data point that is a considerable distance from the rest of the observation points. Depending on circumstances, statisticians often choose to exclude outliers from the data entirely so they do not skew the results one way or another.
At The Faculty, we take the opposite approach. We see outliers as an opportunity to celebrate success, set the standard for the industry and, most importantly, learn from best practice.
The Faculty Roundtable’s recent Benchmarking report measured performance across multiple procurement practice areas, including corporate sponsorship, strategy, team structure, communications, environment, innovation, SRM, systems, training and capability.
Learn from the best
This paper contains a series of case studies highlighting some of The Faculty Roundtable members’ approach to common challenges across many of these practice areas. Case study participants were selected due to their "outlier" status in specific benchmarks, or because they have taken an innovative approach to problem solving, demonstrating excellence in one or more areas.
The purpose of these bite-sized case studies is to enable CPOs to learn from the region’s best-in-class procurement teams and take proven methodologies back to their own organisations.