Global Best Practice - Stakeholder Relationships

Procurement functions in three critical areas of stakeholder engagement: 1. conducting individualprocurements, 2. participating in entity-wide activities such as budgeting and strategic planning 3. continually improving the effectiveness of Procurement. Procurement’s ability to succeed in these areas and contribute to the achievement of the entity’s goals are realized through establishing and strengthening effective relationships with stakeholders. Effective relationships require proactive and continual effort through intentional investments of time, resources, and strategies to establish, build, maintain, and strengthen trust and reciprocity. These efforts are key to elevating the profession and attaining a strategic role in the organization. Procurement must be aware of the distinct roles, responsibilities, and authority for each stakeholder in the context of Procurementoperations and functions.