Becoming good at procurement for an SMB (small and medium-sized business) requires a combination of knowledge, skills, and experience. Here are a few key attributes that are important for a procurement professional in an SMB: 

• Strong cost management skills: This includes identifying cost savings opportunities, negotiating with suppliers to secure the best possible prices and terms, and tracking and analyzing spending data. For example, a procurement professional at an SMB was able to reduce costs by 10% by implementing strategic sourcing initiatives and by using data analysis to identify cost savings opportunities. 
• Strong supplier management skills: This includes identifying and selecting the best suppliers, building and maintaining strong relationships with suppliers, and managing supplier performance. For example, a procurement professional at an SMB was able to improve supplier performance by 10% by implementing robust supplier management processes and by using data analysis to monitor supplier performance. 
• Strong communication and interpersonal skills: A good procurement professional in an SMB should be able to communicate effectively with suppliers, internal stakeholders, and other members of the procurement team. The ability to build strong relationships with suppliers is critical for managing the supply chain and for resolving any issues that may arise. For example, a procurement professional at an SMB has strong communication and interpersonal skills and has built strong relationships with its suppliers, which helps the company to manage its supply chain effectively. 
• Strong analytical skills: This includes the ability to analyze supplier performance, market trends, and other data to identify opportunities for cost savings and process improvements. For example, a procurement professional at an SMB has strong analytical skills and is able to analyze supplier performance data to identify opportunities for cost savings and process improvements. 
• Strong project management skills: A good procurement professional in an SMB should be able to manage multiple projects and suppliers simultaneously, and should have the ability to plan, organize and execute projects effectively. For example, a procurement professional at an SMB is able to manage multiple projects and suppliers. 
• Strong understanding of the industry: This includes understanding the products, services, and suppliers that are specific to the industry, as well as the trends and challenges that are specific to the industry. For example, a procurement professional at an SMB in the fashion industry, has a deep understanding of the fashion industry, which allows them to identify and select the best suppliers and to stay ahead of trends. 
• Ability to work independently: A good procurement professional in an SMB should be able to work independently and manage their own workload. This includes being able to identify and prioritize tasks, and being able to work with minimal supervision. For example, a procurement professional at an SMB is able to work independently and manage their own workload, which allows them to get things done efficiently and effectively. 
• Strong understanding of procurement processes: This includes understanding the different types of procurement, such as direct and indirect procurement, documents and processes like RfX management, as well as the different types of purchasing agreements, such as contracts and purchase orders. For example, a procurement professional at an SMB has a strong understanding of procurement processes and procedures, which allows them to effectively manage the company's purchasing activities. 
• Strong understanding of technology: A good procurement professional in an SMB should have a strong understanding of technology and how it can be used to improve procurement processes. This includes understanding e-procurement systems, procurement software, and other technology tools that can be used to manage the procurement process. For example, a procurement professional at an SMB has a strong understanding of technology and how it can be used to improve procurement processes, which allows them to automate and streamline procurement activities. 
• Strong understanding of compliance and regulations: This includes understanding laws and regulations related to procurement, such as procurement laws, anti-corruption laws, and data privacy laws. Additionally, they should be familiar with industry-specific regulations such as import-export regulations, trade compliance regulations, and environmental regulations. For example, a procurement professional at an SMB in the pharmaceutical industry, has a strong understanding of compliance and regulations related to pharmaceuticals procurement, which allows them to ensure that the company is in compliance with all relevant laws and regulations. 

In addition to these attributes, it's also important for a procurement professional in an SMB to have a strong understanding of the company's overall business objectives and to align procurement activities with those objectives. This includes working closely with other departments, such as finance and operations, to ensure that procurement activities support the company's overall goals and objectives.  

At FactWise, we are committed to building truly distinctive procurement products that delight users and facilitate their success. We strive to improve the lives of procurement personnel by leveraging automation and holistic analytics to minimize their time spent on low-value-add tasks such as repetitive document creation, internal and external communications, manual, Excel-based analyses, tracking complex workflows and so on, so that they can focus on more strategic concerns. 

Our end-to-end Source-to-Pay platform has been built for self-serve and features an extremely intuitive interface that does not require lengthy trainings, so procurement managers can start using it for free, onboard their teams quickly, and avail of its instant time to value to enhance their function.