"These findings uncover an extraordinary opportunity for global suppliers in a highly competitive marketplace," said Paul Mandell, founder and CEO of Consero. "It is clear that suppliers who strive to offer innovative solutions and create added value will come out ahead."
The 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 include:
"¢ Hiring: 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 €500m 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.
Source: Consero Group
