As we forge ahead into 2024, the landscape of sourcing and procurement continues to evolve at a rapid pace. One of the key strategies driving this evolution is category management which is a discipline that has become essential for organisations aiming to achieve greater efficiency, cost-effectiveness, and strategic alignment in their procurement functions. Category management offers a structured approach to managing spend by grouping products or services into distinct categories, allowing organisations to develop focused strategies tailored to each category’s unique characteristics and market dynamics. In an era defined by complexity and change, this approach is not just advantageous but imperative.
In this edition, we delve into the evolving landscape of category management—a cornerstone of modern procurement strategy. Explore how category management can be a game-changer for sourcing and procurement functions.
Happy reading!
TEAM SPENDBYTES
Blog
According to a leading management consulting firm, retail businesses that use data-driven category management outperform their competition by 20%. In a fast-changing business landscape, data-driven insights drive growth and profitability by strategically organising product categories. This helps businesses achieve their objectives and meet customer demands.
Discover moreFeature
Optimising costs while maintaining quality and efficiency is paramount for organisational success. Category management is pivotal in optimising cost by strategically managing spend categories, enhancing supplier relationships, and leveraging data-driven insights.
Know more
Article
An integral part of the end-to-end procurement management process, category management allows businesses to group similar products or services and help streamline inventory management. Companies in both the public and private sectors are leveraging category management to optimise their end-to-end procurement processes.
Know howYou can view our recent newsletters here
Subscribe to SPENDBYTES!
