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Procurement functions needs to evolve to match changing needs -

Published 3 years ago

Procurement functions needs to evolve to match changing needs - via

Ayming’s research into procurement found that the functions in question are not generating as much value as they should be, despite a trend of major reorganisations within procurement in recent years to improve results, with as many as 28% of organisations reshuffling their procurement methods over the past 2 years. Ayming’s survey meanwhile reveals that 51% of respondents still do not think their current organisational structure is effective, suggesting that procurement needs to evolve to cope with the demands of today’s businesses. Looking ahead, 64% of respondents think that reorganising the procurement function would deliver additional value to the business, in the hope they might reduce costs and provide better value. 70% of large corporate respondents include creating value through procurement as a core part of their strategy for the coming two to three years, while just 35% of small to mid-level enterprises said the same. Consistent with the responsibilities of different executive roles meanwhile, respondents with direct link to procurement management – CPOs and COOs – are the most likely to say value creation through procurement is a core part of business strategy, at 48%. Unsurprisingly perhaps, 43% of respondents from the retail sector, heavily dependent on procurement in order to fulfil the tertiary nature of consumption-end business, feel their procurement methods are highly effective, with a further 18% saying they were somewhat effective. While 27% of respondents in that sector said their procurement was average, the second lowest answer available, 37% said it was ineffective – which, considering the reliance of technological businesses on effective procurement to supply technological solutions, suggests the industry may be missing out on major value creation subsequently. A disconnect between the objectives of procurement departments and their wider businesses was also revealed, with 58% of CPOs believing that delivering savings is a key concern for their teams over the next two-to-three years, but only 42% cent of CEOs agree. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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