How can you stay current with procurement industry changes and apply new competencies to vendor management?

1 Scan the environment

The first step to staying current with procurement industry changes is to scan the environment for trends, best practices, innovations, and risks that may affect your vendor management strategy. You can use various sources of information, such as industry publications, blogs, podcasts, webinars, events, and networks, to keep yourself updated and informed. You can also leverage your existing vendor relationships to gain insights and feedback on the market conditions and expectations.

2 Assess your gaps

The second step to staying current with procurement industry changes is to assess your gaps and identify the areas where you need to improve or acquire new competencies. You can use self-assessment tools, performance reviews, feedback surveys, or benchmarking studies to evaluate your current skills and knowledge in vendor management. You can also consult with your peers, managers, mentors, or coaches to get their perspectives and recommendations on your development needs.

3 Plan your learning

The third step to staying current with procurement industry changes is to plan your learning and set your goals and actions for acquiring new competencies. You can use various learning methods, such as formal training, online courses, certifications, coaching, mentoring, job rotation, or project assignments, to enhance your vendor management skills and knowledge. You can also seek opportunities to apply your learning in practice, such as by volunteering for new vendor management initiatives, joining cross-functional teams, or taking on leadership roles.

4 Monitor your progress

The fourth step to staying current with procurement industry changes is to monitor your progress and measure your results. You can use various indicators, such as feedback, ratings, scores, awards, recognition, or business outcomes, to track your performance and impact in vendor management. You can also use reflective tools, such as journals, portfolios, or blogs, to document your learning journey and achievements. You can also celebrate your successes and share your learnings with others.

5 Adapt to change

The fifth step to staying current with procurement industry changes is to adapt to change and be ready to adjust your vendor management strategy and approach as needed. You can use various tools, such as SWOT analysis, scenario planning, risk management, or change management, to anticipate and respond to changes in the procurement industry and the vendor landscape. You can also use your creativity, innovation, and agility to find new solutions and opportunities for vendor management.

6 Collaborate with others

The sixth step to staying current with procurement industry changes is to collaborate with others and leverage the collective intelligence and experience of your network. You can use various platforms, such as online communities, forums, groups, or social media, to connect and communicate with other procurement professionals and vendors. You can also use your collaboration skills, such as listening, negotiating, influencing, or partnering, to build trust and rapport with your vendors and stakeholders.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?