The economic storm which has wrought unprecedented havoc upon the global markets over the past 18 months has had a silver lining for many European Chief Procurement Officers (CPO): 75% of this group believe that the global recession has enhanced the view of their role (and their department) within the enterprise. But as the current downturn extends and the economy fails to bounce back quickly, the ability of procurement departments to continue meeting aggressive enterprise objectives will degrade unless CPOs can keep their organizations vigilantly focused on the best opportunities available. Sourcing new contracts or renegotiating current contracts is the classic lever utilized by CPOs to reduce costs. The classic measure of procurements impact upon an enterprise is the percentage of all non-payroll, tax, tariff and fee-related spend that falls under management of this group, what is commonly referred to as spend under management.
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