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Improved procurement 'needed to take advantage of population trends'
Companies with strong procurement infrastructures will be best placed to take advantage of population trends affecting global businesses in the coming years.
A new Ernst & Young report has observed that the worldwide population is currently on the rise, which is causing an expansion in the number of members of the middle class.
This means the spending power of many emerging economies will greatly increase, thereby making it more important that supply chains are tailored to cater for rising demand, reports Supply Management.
According to the organisation, innovation will be a key priority for procurement staff, as well as the creation of stronger relationships with stakeholders across the supply chain.
Bill Delves, area leader of Asia-Pacific strategic growth markets at Ernst & Young, said: "They will need to strip out costs, increase efficiency and establish highly productive relationships with key suppliers and distributors to ensure that they can meet the price points that lower-income customers can afford."
Earlier this month, analysis from consulting firm AT Kearney showed that companies with a collaborative approach to procurement tend to perform better than those which do not.
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