According to the famous quote what gets measured, gets managed,  we cannot do much unless we first measure and understand our spend. There are numerous ways gf managing this, establishing comprehensive commodity codes according to each organization's particular requirements. This will offer spend visibility, and will do so through the right "set of lenses", that allow a deep understanding of how the money is spent. This exercise is crucial, as the key initiatives and priorities will mainly emerge out of this analysis.

It is of cornerstone importance to ensure that any procurement initiatives are aligned to the overall organizational strategy. The key stakeholders of an organization are the ones holding the answer to this question; asking the right questions to ensure proper understanding of the situation is key - but it doesn't stop there. Having aligned on what needs to be prioritised, it is then a question of how well the work is done. Keeping in mind that perception is reality, we need to maintain an open line of communication with the right people within the organization, to ensure that expectations are really met and take corrective action if needed.

Once the expectations are set forth and digested, a gap analysis needs to take place, to realize how far procurement is currently standing from the expectations, what it takes to achieve them, and the exact steps to be followed. Of course prioritization is key, to ensure that the most important items are addressed first, but also to first take advantage of the best opportunities while mitigating the main risks, hence gaining confidence within the organization. Setting up a comprehensive plan along these lines and making sure that stakeholders are frequently updated on the progress, ensures that procurement initiatives remain top-of-mind as well as that misalignments are addressed early and corrective actions are taken in a timely manner.

The plan needs to be detailed enough to follow up on, and targets have to be SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound).

Development of prioritization charts with detailed actions and timelines per initiative can ensure the right project management for what is initiated.

Reinventing the wheel each time is not only a waste of resources, but it also costs precious time in the development of new initiatives. Collecting information on international best practices and adjusting the findings and recommendations to each organization's reality and particular requirements can speed up the benefits and also create a sense of trust within the organization - it always helps people buy into a practice that has proven to be successful elsewhere in the past. 

As mentioned above, measurement is absolutely required to ensure that whatever has been achieved continues to work as expected. The establishment of the right (not too many, not too few) KPI's and, most importantly, of an easy way to capture them on a regular basis, offers the organization a cockpit wherefrom performance can be measured and improvement areas can be easily identified. Sustainability of KPI measurement and follow up is the most important challenge, as organizations often tend to neglect that once an improvement initiative is  completed. That's why they should be set up in an easy-to-capture way that doesn't put much burden on people's shoulders.