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70 Percent of Chief Procurement Officers Say Suppliers Provide Insufficient Innovation and Value to Companies, According to New Consero Survey

Screen Shot 2014-02-07 at 1.34.09 PMBETHESDA, MD – (November 18, 2013) – Seventy percent of Chief Procurement Officers (CPOs) say their suppliers do not provide sufficient innovation and value to their companies, according to a new survey by Consero Group, an international leader in creating high-level, invitation-only events for senior executives. The results were reported as part of the 2013 Global Procurement & Strategic Sourcing Data Survey, compiled by Consero Group.

“These findings uncover an extraordinary opportunity for global suppliers in a highly competitive marketplace,” said Paul Mandell, Founder & CEO of Consero.  “It is clear that suppliers who strive to offer innovative solutions and create added value will come out ahead.”

In addition, The Consero Global Procurement & Strategic Sourcing Data Survey also revealed that 48 percent of CPOs said they do not have the resources to manage effectively. However, 70 percent of CPOs said their company’s C-suite is sufficiently supportive of the procurement function.

“Procurement departments have become instrumental to long-term corporate growth and must be sufficiently equipped to handle the changing nature of business,” said Mandell. “To perform effectively, CPOs will inevitably need more resources than are currently at their disposal. Fortunately, with the support of the C-suite, CPOs should be able to acquire the products and services they need to do their best for the business.”

Other findings from Consero’s 2013 Global Procurement & Strategic Sourcing Data Survey include:

  • Hiring Has Become More Difficult: 66 percent said hiring has become more difficult over the past year.
  • Lack of Trained Executives:  41 percent of CPOs said the pool of trained executives available for hire is insufficient to support their recruiting objectives.
  • Focus on Sustainability: More than half (61%) said sustainability is a primary consideration for their departments in vendor selection.

The 2013 Global Procurement & Strategic Sourcing Data Survey included 13 questions that were posed to CPOs of companies with €500 million or more in annual turnover based in Europe and the United States in connection with the invitation-only Global Procurement & Strategic Sourcing Forum hosted by Consero in October 2013. A total of 44 responses were provided.

About Consero

Founded in 2010, Consero Group is an international leader in creating industry-specific events for senior-level executives in industries that include: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR, Procurement, among others. With operations in the U.S. and in Europe, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.