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Procurement 'becoming a key element of efficiency programmes'
Correct management of procurement processes is becoming an increasingly important area of focus for businesses, according to a new report.
Aberdeen Group has published a research paper entitled The Year of the Supplier, suggesting that firms that have not implemented a procurement strategy are missing out on cost savings and competitive benefits.
According to the report, effective supplier management allows businesses to take advantage of increased collaboration, improved performance tracking and superior risk assessment practices.
Constantine Limberakis, senior global supply management analyst for the organisation, said areas such as "supplier information management, compliance, risk and performance" have become vital.
He added: "The organisations that can distinguish themselves in these areas will be able to lower their supplier costs, improve supplier relationships and ultimately translate benefits into a competitive advantage."
Earlier this year, Everest Group published analysis revealing that the worth of the global procurement outsourcing market grew to record levels in 2010.
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Categories: Procurement & Supply Chain