Globalization and evolving social, economic and regulatory trends have elevated corporate competition to a new level altogether. For procurement departments in particular, cutting costs, doing more with less, and running agile operations are the new standards for success.

With their operating budget expected to grow by just 2.7 percent this year, procurement leaders are focusing their transformation efforts on cultivating procurement's role as a trusted advisor, investing in next-generation training and development, and harnessing big data.

Procurement fraud is costing global companies billions of dollars a year. So why can't they put a stop to it?