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McKinsey Procurement Policies 360
A tool to review and benchmark procurement policies, assess the health, identify gaps to the best practices and peers, as well as savings opportunities. The tool can typically generate savings on category spend ranging between 5 and 20%.
McKinsey Procurement Policies 360
A tool to rapidly review procurement policies
What it is
McKinsey Procurement Policies 360 is a tool to review procurement policies rapidly, assess their health, and identify gaps to best practices and saving opportunities. It is suitable for
- Reviewing existing policies, to identify ideas during demand management efforts
- Policy comparisons as part of merger management, to identify the best of both worlds
- Policies draft, to ensure strong starting positions
How it works
Policy document teardown
Deep-dive document analysis using the assessment methodology based on a detailed list of best practices
Customized benchmarking
Benchmarking to address any kind of questions within the topics typically covered by spend policies
Benchmarking against industry peers
High-level benchmarking that helps assess the overall level of relevant policy closeness to the best practices
Tech-enabled survey offering
200+ questions in total. Demand/specification, commercial and process levers covered
What the output looks like
Detailed policy assessment
Heatmap for all policy diagnostic criteria
Length is dependent on the category; for example, approximately 100 criteria for travel versus about 20 criteria for external labor
Summary memo
Key findings of policy diagnostics, including strengths, shortcomings, and concrete improvement opportunities at hand
Apart from the heatmap and summary memo, additional end-products may include benchmarking against peers, customized benchmarking, and shareable lists of publicly available policies
Check out an example
McKinsey has reviewed several hundred policies
Here are some client examples
32% savings identified after travel policy teardown
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Detailed policy assessment led to 16% savings on travel spend at a food manufacturer
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By working with us, you will have access to
Experts
Our industry and functional experts will be on the ground where and when you need them.
Helpdesk
Our helpdesk will keep doors open and commit to addressing your concerns efficiently and effectively.
Training
We offer coaching and build capabilities for your teams to deliver sustained improvements.
Implementation
We partner with you and co-create a firm path to implementation as part of the project.