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UK firms 'seeking to minimise indirect spend'
Reformed procurement methods could become a priority to UK chief financial officers (CFO) who are seeking to reduce their indirect spending.
Figures from the new American Express/CFO Research Global Business & Spending Monitor revealed that 53 per cent of UK finance executives are looking to impose tighter controls on outgoings.
This contrasts to figures recorded on a global basis - which showed that 63 per cent of CFOs are looking to invest more to grow their businesses - and suggested that UK firms are mostly focused on preserving profitability.
Key areas in which British CFOs are aiming to reduce spending include travel and entertainment, though companies are more willing to maintain their expenditure on computers, IT systems and logistics.
Brendan Walsh, senior vice president of commercial payment solutions at American Express Services Europe, said: "This cautious and reserved approach also shows that UK CFOs have their eyes firmly fixed on the future, they are protecting their businesses now so they can quickly benefit from any upturn in the economy."
Recently, a separate report from CFO Research Services and Ariba showed that the current financial climate is leading many firms to take a more strategic approach to procurement.
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