Speaking to Supply Management.com recently, LG announced their aim to be “the best procurement organisation in the world” over the next 3 years – a bullish statement, but one they certainly appear to be backing with investment into their procurement personnel.
The business is creating a buyer bootcamp for procurement training, with the aim of helping LG realise its goals for savings of up to 20% in general procurement, representing a reduction of £1.4 billion in indirect spend alone. Huge resources – and consequently huge savings potential make this kind of programme possible for the Korean giant, but what hope for the majority of organisations which don’t have the capacity to invest into such an exercise?
Fortunately there is a wealth of information available from sources including the Chartered Institute of Purchasing and Supply, or by looking at best-practice guidance through technology. Many source-to-pay system vendors also offer consultancy services, seminar sessions, webinars and round table discussions on industry relevant subjects.
Information and guidance from a wider range of sources also ensures subjects are topical, relevant and selected dependant upon current demands, time and personnel. And all without the blood, sweat and tears of boot camp!
