Over the past several years, the procurement role has developed well beyond its original function. In the past, procurement was tasked with the general sourcing of specific goods and services for their companies.
Today, the role has a hand in the overall cost savings – through financial oversight and cross department organization. Procurement practitioners are no longer limited to looking at savings with a narrow focus – now you’ve been tasked with seeing how the rest of the company can benefit from your skills.
Internally, procurement teams found the best way to ensure success would be to consolidate the goods and service across departments where possible. This would work to keep costs low while removing excess or redundant expenditures. In doing so, key stakeholders through the company would be on the same page in terms of procurement strategy and execution; they had to be since the good and services had to work for them. However, this was relatively short lived, as companies saw more growth as the recession ended. Read more of this report to see a more in-depth analysis.
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