It is clear that the economic impact of the global pandemic, significant inflation, and the war in Ukraine is accelerating procurement’s transformation from a transactional function to a key enabler of cost management and business growth. In 2020 and 2021, change was thrust upon us all. In 2022 and beyond, companies have the opportunity to own that transformation.
- Woman-owned business enterprises
For organizations looking to identify cost savings, increase profitability and get a leg up on the competition, indirect spend management is an ideal place to look. Often considered the backend of procurement – involving expenses like IT services and equipment, professional services, office supplies and HR services – indirect spend actually accounts for a significant portion of overall spend.