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Procurement roles 'becoming more complex'
Leading procurement executives face an increasingly challenging role as they adapt to changing market conditions.
This is according to Supply Chain Digital, which claimed the position of chief procurement officer now encompasses a range of additional responsibilities alongside the three core values of "cost, quality and supply".
Procurement leaders must respond to a number of factors that have an impact on their jobs, including technological advancements, increased social awareness and the fragile economy, according to the publication.
It commented: "They still have to deliver cost savings, improve working capital and preserve supplier viability, but they have to do so in a way that helps them gain a competitive edge."
The news provider suggested the most successful procurement executives will be those who continue to seek out innovative ways of working while keeping a close eye on costs.
A recent report from Research and Markets indicated that the global oil and gas sector will see an increase in procurement spend this year, with the average size of procurement budgets in the industry estimated at $207.3 million (£133.6 million).
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