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Redefining the Future of Procurement report
Read how European procurement teams are utilising managed spend strategies to unlock efficiency gains and support them reach budgeting targets
We surveyed 4000 procurement leaders across Europe and found:
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60%
of businesses have more than half of their non-production spend under management.
-
85%
of businesses use online marketplaces for managed spend at least some of the time.
-
53%
of procurement professionals say the time in takes for suppliers to provide quotations is a challenge.
Change challenges
Procurement is essential to the sucessful operation of businesses and their wider supply chains. But professionals are operating in a difficult climate, where procurement budgets are rising by less than the rate of inflation and teams are under pressure to do more, often with fewer resources.
As organisations search for cost effeciencies to positively impact the bottom line, managed spend programmes are emerging as a key strategy.
"Uncertainty rachets costs everywhere. Procurement teams now need to think about location and geopolitics in a way that was not a consideration even five years ago."
— Michael Lewis, Professor of Operations and Supply Management, Unoversoty of Bath School of Management
