We set and then surpassed our targets via great collaboration across teams and locations! UC Procurement achieved our $296M FY24 Benefit target by May, and went on to achieve $363.7M for the year. This means that we came very close to achieving our Strategic Plan target of 4% of Addressable Spend by FY25 one year early.
It's not just that we surpassed the target, or that we did it early – it's that we did it with a level of accuracy in reporting that aligns with financial reporting principles, using updated target-setting, project management, and results-tracking capabilities that will enable us to continue to deliver in even more efficient ways going forward. Every team within UC Procurement contributed to this increase in both capability and results.
AVP and Chief Procurement Officer Paul Williams says, “I'm especially proud of the team for achieving this milestone while transitioning to a more accurate approach for target setting and adopting a more precise method for tracking benefits.”
In FY23-24 Systemwide Procurement launched a new methodical process to set goals, using both a ground-up and a top-down approach. During the months of June through September, all Campuses and Strategic Sourcing groups worked together in a collective effort to set our UC goal for FY24. The proposed FY24 target was $296M of Benefits, which was approved by the PLC, incorporated into our monthly reporting and reviewed periodically. In FY25 we will continue this work and have already launched the FY25 Target Setting process. Check out our FY25 Target Setting Process on the Procurement Portal to learn more.
Congratulations to everyone for not only surpassing our target but doing it ahead of schedule and with a new level of accuracy in reporting. Every one of you has contributed to this success. Keep up the amazing work!