In addition, 59 percent of CPOs surveyed said they do not feel they have sufficient access to the resources required to execute their function.

"Today's chief procurement officer must look beyond purchasing decisions and supplier relationship management, focusing more on bottom-line growth, given that a company's procurement execution is fundamental to financial success," said Paul Mandell, founder and CEO of Consero. "With a majority of CPOs reporting they are under-resourced and focusing on short-term cost reduction rather than long-term growth, CPOs will need to continue pushing for necessary resources from top management in 2014."

Other findings included:

"¢ Talent Gap: A majority (59 percent) of CPOs do not see a sufficient talent pool to support their organization's hiring needs.

"¢ Lack of Global Risk Management Policies: A majority (53 percent) report not having a global risk management policy in place.

"¢ Sustainability Programs Not Yielding Tangible Cost Reductions: Most (67 percent) say they have not achieved tangible cost reductions through the use of a sustainability program.

The 2014 Procurement & Strategic Sourcing Data Survey included 14 questions that were posed to all Fortune 100 CPOs in attendance at Consero's invitation-only Procurement & Strategic Sourcing Forum in February 2014. A total of 49 responses were provided.

Source: Consero Group