How European procurement teams are transforming indirect spend into managed spend to unlock efficiency gains and outperform their budgeting targets.
Procurement plays a vital role in the success of businesses and their supply chains, but professionals are facing a challenging environment where budgets are rising slower than inflation, and teams are expected to achieve more with fewer resources. Managed spend programs are emerging as a key strategy to convert unmanaged indirect expenses into strategically managed categories, offering businesses new opportunities for spend control and visibility.
The "Redefining the Future of Procurement" survey examines how procurement teams are adapting to these challenges, drawing insights from over 500 professionals across the UK, Germany, Spain, Italy, and France. The focus is on non-production spend, an often-overlooked area, and how innovative companies are leveraging tools like online marketplaces and AI-powered analytics to enhance efficiency and cost savings.
By adopting real-time data analytics and online marketplaces, procurement teams are gaining better control over spend while achieving operational efficiencies. This report provides valuable insights into how businesses can navigate a difficult trading environment and optimize their procurement strategies for future success.
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