World-class procurement organizations now spend 25 percent less on procurement operations than typical companies, while demonstrating improved effectiveness that enables them to generate twice the annualized reductions in direct and indirect spending, according to the 2006 Enterprise Book of Numbers from The Hackett Group, a strategic advisory firm and an Answerthink company. In addition, these world-class performers are reaping significant benefits by focusing on strategic management in key areas such as sourcing opportunities, supplier management and the application of technology investments.
Hackett's findings suggest several key areas in which procurement can realize significant improvements in efficiency and effectiveness, including reduced costs, which are often overlooked by the world's largest companies:
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