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Effective procurement practice has a key role to play in tackling inefficiency and boosting economic recovery, say specialist consultants Positive Purchasing.

In the latest Thought Leadership article from Positive Purchasing, From austerity to prosperity – procurement’s contribution, director Mark Hubbard says the UK’s productivity has lagged behind that of its competitors.

Hubbard says this gap must be closed if the UK is to enjoy economic success and that procurement has a key role in delivering this improvement.

He points to a recent report by management consultants McKinsey saying the UK’s productivity growth has been encouraging over the last 15 years but is lagging behind the US and Germany.

Hubbard advocates a holistic approach to procurement focusing not only on price but also on increasing value and cutting out waste and inefficiency.

This includes failure to maximise the use of assets and over-stocking items resulting in eventual disposal, often at the most expensive point of the production or service provision cycle.

Hubbard concludes: “We have a unique opportunity in procurement to look across the whole of the life of a product or service, not only at price, but to challenge the way in which products and services are acquired and used.

“When we do this, we are at our most effective and most inspiring within a business, taking a genuinely holistic approach to the goods and services we source.

“Our challenge in addressing the productivity gap identified by the McKinsey report is to look for every area of opportunity within the businesses we serve and ensure that no stone remains unturned in the search for efficiency.”

Ends

Notes for editors

From austerity to prosperity – procurement’s contribution can be downloaded at: www.positivepurchasing.com/getdoc/538a7d92-f6a8-41e0-895b-5e...

About Positive Purchasing

Positive Purchasing is a leading strategic purchasing consultancy providing education and training, procurement transformation, best practice purchasing tools and online learning and resources. Positive Purchasing enables today's global companies to develop their purchasing function to achieve greater effectiveness.

For more information please contact:

Mark Whitehead
Headline Media
+44 (0)208 348 3103
+44 (0)7906 720141
markwhitehead@headlinemedia.co.uk

This press release was distributed by ResponseSource Press Release Wire on behalf of Headline Media Ltd in the following categories: Business & Finance, for more information visit https://pressreleasewire.responsesource.com/about.