I hope that you have enjoyed the article, “5 Types of Procurement Expertise.”
My main goal with the article was to give some perspective about how broad one’s capabilities must be to be successful in procurement today. I think that the article did that. But…
Are there only five areas of expertise that a procurement professional must have?
Nope! There are even more.
I can think of at least one more right now: business acumen.
In our online Express Course series, “Procurement KPI’s & Business Acumen,” we share a definition of business acumen from the Financial Times. An excerpt from that definition is “[b]usiness acumen is keenness and speed in understanding and deciding on a business situation.”
Some of the smartest people in the world don’t have business acumen. They wouldn’t be able to come up with a way to increase an organization’s revenue or market share. They wouldn’t be able to grow profits at will. They wouldn’t be able to develop a new strategy that can take a business to heights it never achieved before. They can’t talk to a senior executive on the same level and have an equal, mutual respect for each others’ ideas, concerns, and hopes.
Business acumen is a unique type of expertise. One that is increasingly being required of procurement professionals.
As you can see, being a successful procurement professional isn’t being good at one thing, like knowing how to get an invoice approved for payment or even executing a sourcing process on time and without challenges. It’s many things.
How many of these areas of expertise are you working to improve?
Hopefully all of them.
To Your Career Success,
Charles Dominick, SPSM, SPSM2, SPSM3
President & Chief Procurement Officer – Next Level Purchasing Association
Co-Author – The Procurement Game Plan
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