How Purchasing Wins Favor In The C-Suite
PurchTips - Edition # 171
By Charles Dominick, SPSM
Is Your Work Valued By C-Level Execs?
A strong relationship between Purchasing and the "C-suite" (CEO, CFO, CIO) increases the effectiveness of your department because C-level executives can open doors and energize initiatives through their support. To obtain and maintain access to the C-suite, you must be able to effectively communicate with C-level executives.
Know What To Communicate - The C-suite expects you to know their strategic goals and initiatives. Purchasing becomes more relevant to the C-suite when its operations align with C-suite goals. Don't know their goals? Ask! The question itself indicates alignment.
Be Prepared - Have correct and detailed information on your spend, your suppliers, and the state of the markets at your fingertips. You never know when the opportunity to speak with C-suite executives will present itself.
Speak Their Language - Always present requests for resources or support with a clear commitment to deliver a specific value. "If you allow me X, I'll return you Y."
Use Your Time Wisely - C-level executives have busy schedules and often get called out of already-short meetings for urgent priorities. Don't make the mistake of getting stuck in the details of your department when presenting to the C-suite. Instead focus on how Purchasing can add value and create a competitive advantage for the company. Be concise and relevant.
Use Visuals - Often, the quickest way to get your message across is by using visuals such as a spreadsheet showing a comparison or a graph showing a trend line.
Stay Visible - Meet with your closest C-suite executive regularly and provide updates on your plan. It's best to meet before his/her C-suite management meeting and provide him/her with key points to take to the meeting.
Communicating effectively with the C-suite increases Purchasing's perceived value. Treat every interaction as a step to win favor in the C-suite.
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Spotlight On Professional Development Opportunities
Are you tired of not getting enough opportunities, respect, and money out of your purchasing career? Well, guess what? Nothing will change unless you take action towards becoming a world-class purchasing professional.
Earning your SPSM® Certification by completing the Senior Professional in Supply Management® Program is the action to take if you want to bring the most modern purchasing practices into your organization and achieve your career potential. Learn how to earn your SPSM® Certification (and perhaps get an iPod) at:
The Latest Purchasing News
- Purchasing Managers/Directors: Are you struggling to develop a plan for improving your team's performance? If so, visit: www.NextLevelPurchasing.com/benchmark
- Meet me in Chicago! The former CPO of Hewlett Packard and I will be presenting at Supply Excellence's "Seven Habits of Highly Effective CPO's" event in Chicago. There is no cost to attend, but seating is limited. Learn more and register at www.tinyurl.com/cuxvgb
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How can you test your purchasing knowledge and have a little fun, too? Try our FREE "Million Dollar Savings Game" which is one version of many different games we've added to each of our online classes.