Lessons from the Recession

The economic recession has had a profound impact on virtually every industry, as sectors re-examine their cash flow patterns, revisit forecasts, cut budgets and fundamentally change existing business practices. This shift has pushed purchasing to the top of CEO's priority list and is accompanied by a reversal in purchasing strategy, with several firms going back to the basics of good purchasing - improved spend visibility, greater spend under management, enhanced compliance tracking, better supplier relationships and a focus on overall value. The return to basics will enable leading procurement organizations to channel resources in the right direction and convert this crisis into an opportunity.