LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the common category management challenges and ways to overcome them.
Category management is a systematic approach that first originated from the retail industry to manage a set of products as a strategic business unit. However, in recent times, category management is being widely used by public and private sector companies outside the retail domain to group products or services that have similar characteristics together. But there are certain challenges that companies face while implementing it.
At SpendEdge, we understand the challenges faced by organizations while implementing or improving category management. Here are the top category management challenges and ways to overcome them.
Top Category Management Challenges
Getting stakeholder participation
Often stakeholders do not realize the importance of category management as they are not in close contact with the CPOs. Involving stakeholders actively in the process will help them better manage categories, focus on specific areas of spend and perform in-depth market analysis to fully leverage procurement decisions to improve results for the organization.
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Workforce capability gaps
Transforming an operational department into a more strategic one could lead to workforce capability gaps. Companies must provide specific training and coaching on the skills and capabilities that are needed for the workforce. They can offer coaching-on-the-job and decide on the budget to support the training cost. To know how you can fulfill gaps in the workforce capabilities, get in touch with our experts now!
Garnering support from management teams
Despite the need for change, the management may display a lack of engagement during the course of transformation. The management team must be able to support with data analysis, value-chain/TCO-analysis, stakeholder meetings, and supplier negotiations to gain maximum benefit from category management.
To know more about category management challenges and ways to address them, read the complete article here!
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