At Nasdaq, we strive for transparency, efficiency, and innovation. Our procurement process plays a pivotal role in our ability to deliver on these principles. Periodically, it becomes essential to evaluate the efficiency and effectiveness of our procurement processes, strategies, and systems. This is where our Procurement Health Check (PHC) comes into play.
What is a Procurement Health Check?
A Procurement Health Check is a comprehensive review and assessment of the existing procurement functions, systems, and procedures within Nasdaq. It acts as a diagnostic tool designed to highlight areas of strength, potential risks, and opportunities for improvements.
Objectives of the Procurement Health Check
- Efficiency & Effectiveness: Assess the current state of procurement processes and identify any inefficiencies or bottlenecks that could be streamlined.
- Compliance & Best Practices: Ensure that Nasdaq’s procurement processes adhere to regulatory requirements and follow best industry practices.
- Technological Advancements: Examine the procurement technology infrastructure and suggest upgrades or improvements where needed.
- Supplier Management: Evaluate supplier relationships and performance metrics.
- Stakeholder Satisfaction: Gauge internal customer satisfaction and identify areas for improvement.
- Components of the Procurement Health Check
- Data Analysis: Review historical procurement data to identify trends, variances, and anomalies.
- Stakeholder Interviews: Conduct interviews with key stakeholders involved in the procurement process.
- Process Mapping: Map out the existing procurement processes from start to finish.
- Supplier Review: Analyze supplier performance, contracts, and relationships.
- Risk Assessment: Identify potential risks within the procurement process and recommend mitigative measures.
- Benchmarking: Compare Nasdaq’s procurement functions to industry best practices and standards.
- Benefits of the Procurement Health Check
- Continuous Improvement: Provides insights that help in refining and optimizing the procurement processes.
- Cost Savings: By identifying inefficiencies and suggesting improvements, Nasdaq can realize potential cost savings.
- Strengthened Supplier Relationships: Ensures that suppliers are adhering to agreed terms and performing to expectations.
- Enhanced Compliance: Reduces the risk of non-compliance with regulations and internal policies.
- Empowered Decision Making: Equips management with actionable insights and data-driven recommendations.
- Conclusion
- The Procurement Health Check is an integral part of our commitment to excellence, innovation, and transparency at Nasdaq. Through this comprehensive review, we continue to ensure that our procurement processes not only meet but exceed the high standards we set for ourselves and for the benefit of our stakeholders.
For any further details or to understand more about our procurement processes and the PHC, please reach out to the Nasdaq Procurement Team.