“It's trendy to say we're moving beyond savings”: Getting the procurement basics right at Marks & Spencer

Andrew Newnham, Chief Procurement Officer at Marks & Spencer, discusses the challenges he faces in the current economic environment, as well as the importance of negotiating, measuring savings, and understanding sourcing.

In this episode, Andrew and host Simon Lipscomb discuss:

• How inflation and other macro issues are impacting M&S’s procurement strategy
• Whether the topic of savings has fallen out of fashion amongst procurement professionals
• Why procurement should bring rigor, process, and science to negotiation to get the best value for money
• What CPOs should be doing differently
• That there's no single method for procurement success – CPOs must understand their business's needs, the market, and the industry
• Why Andrew favors procurement evolution over procurement transformation
• Andrew's outlook on the future of procurement and the influence of technology on the industry

Listen to the podcast below: