Business acumen is an often cited skill needed to be successful in the “new” procurement. But what exactly is it, and how does it apply to procurement?
This was the topic of conversation in today’s interview with Jim Barnes, the Managing Director of ISM Services. Jim highlights 10 different traits that he sees – in his experience helping procurement leaders increase the capabilities of their teams – that collectively make up the concept of business acumen. Jim also shares which he believes are the most important skills, and how leaders can begin to develop these capabilities in their teams.
“What we sometimes see is an overemphasis on supplier collaboration in that procurement organizations are taking a supplier who really isn’t strategic and calling it strategic because everybody wants to be strategic.”
In this episode, you will learn:
Details behind the 10 traits of procurement business acumen:
building relationships
business intelligence
change management
communication
decision making
leadership
people development
results focused
stakeholder engagement
strategy development
Which Jim considers to be the most important trait and why
How procurement leaders can begin to assess the levels of procurement business acumen on their teams
What is the one skill that Jim hears from CPO’s are lacking more than any other right now
