The World Federation of Advertisers (WFA) is offering companies a new benchmarking tool that will allow them to compare their procurement services to those provided by some of the world’s
The new tool is based on research of procurement practices used by WFA members. The research focused on key capabilities, such as managing money efficiently, identifying and working with suppliers, integrated and streamlined approaches to marketing and developing structures for continuous improvement in the procurement sector.
The research surveyed 45 multinational companies that spend a combined $60 billion on marketing a year.
The benchmarking tool is designed, in part, to de-stigmatize procurement and to “showcase the value that procurement brings” to the table, the WFA stated. “By focusing on the benefits of collaborating with marketing teams and agency partners, it aims to dispel the criticism that surrounds the role of procurement.”
In order to use the new assessment tool, brands must complete an online survey that’s used to compare the quality of their procurement services versus those of the 45 companies in the WFA database. Results will show participants which segments of their procurement efforts stand out and where they need improvement, per the WFA.
Marketing consultant Spire is assisting WFA with the project. Spire co-founder Paul Duxbury stated that the effort “underlines the importance of co-operation between marketing and procurement...The most advanced organizations recognize the need for deep seated co-operation between the two functions.”