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Procurement officials need to place 'greater importance' on risk

Mar 06
Tags: Crimson & Co
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Procurement officials need to place 'greater importance' on...

Procurement should be a topic discussed at boardroom level, as reducing costs in favour of managing risks can put supply chains in danger, according to a new report.

A study published by Source for Consulting concerning professional procurement in mid-sized companies, looked at the experiences of finance and procurement professionals when buying goods and services, as well as the state of procurement in their own organisations.

Of those featured in the report, 'negotiating with current suppliers to reduce costs' was given as the top priority in procurement.

But concerns such as 'putting in place processes to minimise the risk of fraud’ and ‘ensuring security of supply’ were barely mentioned by professionals in the industry.

Tom Woodham, director at Crimson and Co, said that he believed supply chain risk needed to be the top priority for procurement professionals.

He added: "The recent horsemeat debacle has helped to further highlight the importance of contingency planning and in terms of the supply chain, the scandal can actually be seen very positively, in that it will result in procurement getting the boardroom attention it needs and deserves.”

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