Cost Savings remain to be the Top Procurement Objective for 2015, cited by 79% respondents, followed by improving procurement efficiency (53%) & supplier performance (45%).
While this year’s report reflects strengthening of economic indicators, it also shows across the board declines in key procurement benchmarks marked with an interesting shift in C-Suite attention.
Some More Interesting Insights from the Report are:
This year, the top two categories for procurement maturity, namely gaining momentum and extending procurement influence, show a dramatic 12-point decline compared to 2014.
While contract compliance metrics hold their ground, slippage in cost savings benchmark suggests over reliance on market forces.
CPOs are gearing up for the procurement challenge, with focus on process improvements and collaborative relationships with business partners.