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Procurement 'to become more globalised in 2012'
The changing face of the procurement market will see companies take a more globalised approach to purchasing this year, according to a report.
Analysis from business consultancy the Hackett Group has revealed that companies are looking to procurement to drive global growth while also continuing to protect supply and lower input cost in 2012, all in the face of ongoing economic instability.
It is driving a small rise in investment in purchasing departments, both in terms of budget and staffing, but a more important development is the shift towards greater use of offshore centres and external service providers.
By initiating this business transformation, firms can make themselves more responsive to economic changes in regional global markets, a key priority in the present climate.
"This will require companies to fully understand the benefit that comes from adopting global standards and organisational models that allow optimal execution by leveraging both skill and scale more broadly," said the report.
Last month, procurement solutions provider Procurian published a survey showing that Fortune 1000 companies are increasingly looking to improve their purchasing methodology as a means of unlocking savings.
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