Sharpening Your Procurement Acumen

Strategy + Business has an article titled "Sharpening Your Business Acumen". There are a number of principles that can be applied to procurement and strategic sourcing skills. Buyers with these skills are great deal makers.

What is art of business acumen?

...linking an insightful assessment of the external business landscape with the keen awareness of how money can be made — and then executing the strategy to deliver the desired results. The word acumen means “keenness and depth of perception, especially in practical matters.”

How do you sharpen these skills? Ask yourself a series of questions...

1. What is happening in the world today?
2. What does it mean for others?
3. What does it mean for us?
4. What would have to happen first (for the results we want to occur)?
5. What do we have to do to play a role?
6. What do we do next?

Try applying business acumen to your next sourcing strategy. Here is the link for the entire article:

http://www.strategy-business.com/freearticle/06106?pg=0