THE PLACE OF PUBLIC PROCUREMENT WITHIN THE ENTITY Best Practice.pdf

The document emphasizes the strategic importance of positioning the Procurement function at the executive level within an entity. It discusses the need for the Chief Procurement Officer (CPO) to have authority equivalent to other C-level positions, participate in strategic planning, and collaborate with various departments. The text highlights the evolution of Procurement from a transactional role to a strategic one, emphasizing the importance of aligning procurement processes with the entity's strategic goals. It also stresses the necessity of separating Procurement from Finance to ensure checks and balances, protect against risks, and maximize efficiency. Additionally, the document outlines best practices for optimizing the influence and impact of Procurement within an organization, including involvement in strategic planning, centralization, and distinct positioning within the entity.