Previously Published in Supply Chain Management Review | March 5, 2014 | By Patrick Burnson
A majority (57%) of surveyed Chief Procurement Officers (CPOs) said short-term cost reduction is a higher priority than long-term growth in 2014, 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 2014 Procurement & Strategic Sourcing Data Survey, compiled by Consero Group.
In addition, 59% of CPOs surveyed said they do not feel they have sufficient access to the resources required to execute their function.
“Today’s Chief Procurement Officer must look beyond purchasing decisions and supplier relationship management, focusing more on bottom-line growth, given that a company’s procurement execution is fundamental to financial success,” said Paul Mandell, Founder & CEO of Consero. “With a majority of CPOs reporting they are under-resourced and focusing on short-term cost reduction rather than long-term growth, CPOs will need to continue pushing for necessary resources from top management in 2014.”
Other findings included:
The 2014 Procurement & Strategic Sourcing Data Survey included 14 questions that were posed to all Fortune 100 CPOs in attendance at Consero’s invitation-only Procurement & Strategic Sourcing Forum in February 2014. A total of 49 responses were provided.