"These findings uncover an extraordinary opportunity for global suppliers in a highly competitive marketplace," said Paul Mandell, founder and CEO of Consero.  "It is clear that suppliers who strive to offer innovative solutions and create added value will come out ahead."

The survey also revealed that 48 percent of CPOs said they do not have the resources to manage effectively. However, 70 percent of CPOs said their company's C-suite is sufficiently supportive of the procurement function.

"Procurement departments have become instrumental to long-term corporate growth and must be sufficiently equipped to handle the changing nature of business," said Mandell. "To perform effectively, CPOs will inevitably need more resources than are currently at their disposal. Fortunately, with the support of the C-suite, CPOs should be able to acquire the products and services they need to do their best for the business."

Other findings include:

"¢ Hiring: 66 percent said hiring has become more difficult over the past year.
"¢ Lack of Trained Executives:  41 percent of CPOs said the pool of trained executives available for hire is insufficient to support their recruiting objectives.
"¢ Focus on Sustainability: More than half (61%) said sustainability is a primary consideration for their departments in vendor selection.

The 2013 Global Procurement & Strategic Sourcing Data Survey included 13 questions that were posed to CPOs of companies with €500m or more in annual turnover based in Europe and the United States in connection with the invitation-only Global Procurement & Strategic Sourcing Forum hosted by Consero in October 2013. A total of 44 responses were provided.

Source: Consero Group