Moving Beyond Cost Savings

Procurement leaders are hyper-focused on reducing costs. To achieve this goal, procurement leaders are using traditional strategies such as consolidating spend, reducing total cost of ownership and increasing competition to deliver value. Meanwhile, procurement leaders are also aware their organisations are “facing highly dynamic and increasingly complex environments.” This has resulted in procurement leaders shifting toward strategic transformation, which requires an overhaul of the department and process improvement.

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The financial implications of continuing down the current path of focusing exclusively on reducing costs will far exceed the money required to restructure the procurement function and implement strategic processes.”

The paper discusses the need for procurement to move beyond cost savings and begin looking at their supply chain more collaboratively to deliver value to the business.