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Procurement 'must be a key element of corporate strategy'
Companies have been advised to enshrine procurement as a key element of their corporate strategy if they wish to maximise cost-effectiveness.
Tom Lawrence, strategy and communications director at procurement outsourcing and solutions provider buyingTeam, told Director of Finance Online that this process has become increasingly prominent in recent years.
He stated that procurement measures should be able to deliver a return on investment by a factor of eight to 15, but noted that many companies are failing to achieve this due to a lack of investment in managing this area.
Mr Lawrence stated that to get the highest level of benefits, executives should work closely with procurement staff to develop a thoroughly-considered solution tailored to their specific business needs.
"Instilling a different way of thinking about procurement can have a meaningful impact on a company's ability to deliver better value for its shareholders over the long term and on a more sustained basis," he added.
Last month, Everest Group published research showing that the value of the procurement outsourcing market grew to record levels in 2010.
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