This week on Ask Shaz, Shaz Khan sheds some light on what training new procurement solutions users should focus on. Procurement software can mean and include so many things, so having a place to start makes this helpful information for anyone entering the world of procurement.

What training would you recommend for someone new to the procurement role?

“A number of things…

Financial Training

“The first is financial training – how to read a P&L statement (Profits and Loss Statement), balance sheet, and income statement. These are critical. If you are going to be an impactful employee in the procurement role, you have to understand these things.

Project ManagementProcurement Training

“Project Management is key to organizing all the moving parts of procurement working well together. From contract management to getting all the services outlined, on and on, how do you orchestrate this? How do you understand that process? And how do you come up with a corporate governance strategy to enforce that process? So basic project management is critical.

Big Data & Analytics

“Finally, an important area that is totally undervalued is training in analytics and big data. What are you going to be looking for? Which benchmarks? Key performance indicators? Those daily reports that you are going to want to be able to provide to different personas within your organization.

“How do you want to do your job better? Well, you can only do your job better if you truly understand the data.

“If you look at Marketing, let’s look at a recent press release that came out. “How did it perform?” – “We don’t know…” But we can find out. What we do is constantly measure against any event that happen within a company.

“Being trained in big data and analytics, and becoming more self sufficient as opposed to relying on other individuals especially in the element of technology makes it easier, arguably.

“These main areas are key outside of the core general quest for education.”

 

Stay tuned next week for more from Shaz Khan on procurement innovation.

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