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Cutting costs 'the key priority for procurement schemes'

1 February 2012

Businesses in the UK have identified the reduction of costs as their main procurement priority for 2012.

A survey from business software provider Science Warehouse shows that 84 per cent of British firms have identified cost-cutting as their key driver for supply chain reform.

Moreover, 85 per cent of companies are set to increase their investment in procurement capabilities in order to achieve this, with professional services and computer spend set to be the two highest priority areas for improvement.

Other priorities for companies include improving their spend control and visibility in the long term, while the selection of the right procurement people and solutions is essential for success.

Steve Kerridge, Science Warehouse's managing director, said: "It was interesting to see that the majority of organisations recognise the importance of investing in their procurement capability in order to deliver long-term savings."

This comes after a report from procurement consultancy Efficio last month suggested that firms which cut back in supply chain spending could be hit with rising costs later down the line.

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