Will Category Management Ever Become Mainstream?

What is the current state of category management in the world. One study suggests implementing a strategy takes 42 weeks to complete. Unfortunately, most companies don't have the resources they need to implement a category management strategy well. The question then becomes is this a make or break function your team should have?

Looking at today's technological advancements, industry analysts have come to the conclusion that category management will become mainstream.

Why Do Category Management Strategies Fail

Category management, despite having many clear ties to driving revenue has not been universally adopted.

This adoption problem is said to come down to a few key areas. First, there is a lack of standardized or best practice frameworks even within the organization. Second, it's also hard to scale, since category management and related strategies rely on people and their skills. And third, category management also doesn't get the attention it deserves since it's considered an initiative that helps procurement achieve their goals, rather than something that helps the business as a whole.

Are Category Management Strategies Often Successful?

Industry experts often recommend that teams that have a category management strategy that failed need to ask: "Did I implement this strategy cheaply?"

Oftentimes, because of the upfront investment companies will hire a category manager that ends up wearing other hats because there is not enough work for them. This becomes a problem since then they become a generalist rather than a specialist.

Can I Use AI To Create a Category Management Strategy?

With trends in Artificial Intelligence becoming prominent in procurement, many are quick to wonder if it is possible to automate this. Again, the answer according to industry experts is no. At present, despite feeding AI with all of the information, the one thing it can't yet do is create a successful strategy. This becomes a key function that cannot be replaced.

To get started, the ConvergentIS guide to category management can be a great place to start.