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Technology advances 'enhancing procurement's strategic role'
The availability of more advanced business technology is leading to procurement becoming an increasingly important strategic function.
A report from CFO Research Services and business community Ariba has suggested that purchasing is starting to be considered as more than simply a means of reducing costs.
Thanks to the advent of automated systems, procurement operations have been able to address large and complex issues such as cash management, assessing risks to business performance and expanding into new areas.
However, the report highlighted that there remains work to be done to ensure procurement is enshrined as a key strategic consideration.
Tim Minahan, chief marketing officer of Ariba, said: "Procurement should play an increasingly important role in driving not only cost savings, but also value creation ... To do this, they must forge an even closer alliance with finance and further automate key commerce processes."
Earlier this month, a Procurian survey revealed that achieving savings through purchasing is becoming a growing priority due to the impact of the economic downturn.
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