The Challenges of Procurement
Typical buyers are under enormous pressure to ensure they are negotiating the best possible deals from their suppliers. To do so effectively, the buyers must be wholly informed of the smallest changes in the marketplace, but this is almost impossible when, on average, less than 10% of their time is dedicated to research.
In reality buyers are forced to focus on their critical spends, meaning they largely ignore the rest of their portfolio. This approach to supplier negotiations is riddled with pitfalls, and it is inevitable that opportunities will be missed to better negotiate for the entirety of their portfolio.