Global 1000 companies could save up to $74 million in annual procurement costs by doing a better job of managing nonrecurring project-based supplier expenditures. These expenditures include such items as custom software, specialized training projects or facility refurbishment projects.
The study by the Hackett Group Inc. polled 50 senior managers and found project-based spending represents up to 35% of total procurement spending.
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About the Author
Steve Minter
Steve Minter, Executive Editor
Focus: Leadership, Global Economy, Energy
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An award-winning editor, Executive Editor Steve Minter covers leadership, global economic and trade issues and energy, tackling subject matter ranging from CEO profiles and leadership theories to economic trends and energy policy. As well, he supervises content development for editorial products including the magazine, IndustryWeek.com, research and information products, and conferences.
Before joining the IW staff, Steve was publisher and editorial director of Penton Media’s EHS Today, where he was instrumental in the development of the Champions of Safety and America’s Safest Companies recognition programs.
Steve received his B.A. in English from Oberlin College. He is married and has two adult children.