A personal note

Procurement: The other side of the same coin

I was 26 years old in 1990 when I became purchasing manager of a major Greek high- tech and manufacturing corporation in 1990 and started studying my new mission. Very soon, I was surprised when I had to find out that there were so many books on sales and marketing, but only a handful on Purchasing.

They would easily fit on half a bookshelf in my new office.

That was very striking. For every Euro (Dollar or Pound...), which a company earns by selling a product, some other company is spending the same amount to buy it. Doesn't every Euro have the same value, independent of which side it goes to?

Actually, every Euro not spend by a company generates the same amount of profits, plus a little extra savings, since more efficient Purchasing will save a company on inventory, capital and other precious resources. Shouldn't it be worth examining both sides of the same coin with the same effort?

Procurement's task is never ending. Every time, there is something that can be done better and there will always be something better to be done in a continuous effort to make the company more competitive and useful to its clients.

Procurement is a front line task, especially in our present ever-changing and unpredictable economic environment.

The companies that will provide their Procurement professionals with the proper means and will enpower them to achieve even more will gain valuable competitive advantages.