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Cost-cutting 'becoming an increasing procurement priority'
Companies are increasingly looking to their procurement departments as a means of achieving necessary cost reductions across their business operations.
A survey of Fortune 1000 executives by procurement solutions provider Procurian has revealed that cost reduction is a top priority for 52 per cent of respondents, with 60 per cent saying they will do so through non-staff-related cutbacks.
As a result, supply chain management has taken on crucial importance, making it essential for procurement staff to be flexible and able to identify new sources of savings.
Other key priorities include the effective use of real-time market intelligence, as well as the prioritisation of risk management and sustainability.
Carl Guarino, chief executive officer of Procurian, said: "The results of this survey ... make it clear that now is the time for business leaders to transform the way their organisations view indirect spending."
Earlier this month, business technology firm CSC published a global survey revealing that procurement staff are already helping many companies to pursue growth following the recession.
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