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Procurement staff 'need to rethink strategy due to volatile conditions'
Procurement professionals across the UK are making significant changes to their operational strategy to help their companies cope with the current economic downturn.
This is according a survey of chief procurement officers (CPOs) carried out by the CPO Exchange conference, with 83 per cent of respondents saying they need to rethink their approach due to volatile trading conditions.
Issues such as risk management and stakeholder management are becoming areas of increasing focus, taking precedence over the traditional priority of cost reduction, reports Supply Management.
Meanwhile, 45 per cent of buyers are looking to improve stakeholder management and 39 per cent wish to streamline processes via procurement technologies.
Livia Trubenova, head of research at CPO Exchange, said: "We can see that procurement leaders are working on growing the influence and recognition for the procurement function within their organisations."
Earlier this month, a report from the Cabinet Office revealed that the government has been able to achieve savings of almost £500 million through improved procurement practices in 2011/12.
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