Procurement is so necessary for a company that speaking only once about it results in impossible.
From identifying your product's special components to finding the ideal supplier aligned with your company's requirements.
It's certainly a lot of work
The good news?
We are constantly having conversations with procurement professionals who can confidently say “been there, done that’’
Ready to unveil their top advice?
Introduction
Today's guest is Yeshwin Raju, lead of procurement and purchasing at Posha, his main responsibility is in his own words to bring the company's product vision to flesh so he's the kind of person who definitely knows what makes procurement work.
Balance
Bringing a product to life from a procurement perspective is a matter of balance. You have to keep an eye on your product details and think about the components you need and where you're going to find them. Deal directly with suppliers to find the right match, build strong partnerships, and consider quality and pricing. The best way to handle all of these things? Try to find your balance between what your company needs, what your customers want, and what your suppliers can offer.
Try and keep trying
When companies are only starting and still figuring out how to develop their products, there's something that shouldn't be overlooked according to Yeshwin: Try the feasibility of your idea. Be prepared to adapt as your product evolves. That first prototype might follow a route while the second might be completely different. It's normal.
Decisions
As a procurement leader, the work almost never ends. For Yeshwin, the most difficult decision he had to make and still faces nowadays, starts when he has to select a new supplier.
In supplier management, there are three main factors that every business takes into account: quality, time, and cost.
And yet, there's a really slight chance of finding a supplier that meets all three criteria. So you have to determine based on your business’s mission, what's most important. Maybe you would prefer to stick with a supplier that offers you a lower price. Maybe it's more beneficial to choose quality or delivery times.
That's going to be your call to make.
Relationships
Here's a quick lesson: Procurement is never a one-way street, it's a matter of engaging your company's requirements with someone else's capabilities. So when you are considering to start working with a supplier, beyond the usual factors you look for, think about how compatible you are. If you are a small business, you’ve to rely on a supplier that’s available to walk with you through both opportunities and challenges.
