London (PRWEB) May 16, 2017
Today, ProcureCon and Konica Minolta Marketing Services (powered by Charterhouse) released their findings from the 2017 “Driving Innovation in Marketing Procurement Study.” Additional commentary is provided by The Incorporated Society of British Advertisers (ISBA),Tina Fegent, Independent Consultant and Eniola Akindes, Global Advertising Sourcing Director, Coty.
The report explores ways for procurement professionals responsible for the marketing and advertising spend category to innovate and to implement innovation as part of the business culture.
This new report is based on research with one hundred Global Heads of Marketing Procurement, Heads of Marketing Procurement, Category Leads and others of equal standing across Europe ahead of the ProcureCon Marketing conference taking place in London in June. Interviews with sources were conducted after survey data was compiled, and centered on discussion of the results to create a holistic view of the current challenges faced by the industry.
Respondents cite Cost Reduction as their joint most important KPI but Eniola Akindes, Global Advertising Sourcing Director, Coty commented, “Although keeping costs at the forefront of their minds remains important, procurement professionals understand the need to measure other business performance related factors as well. Risk management has been neglected within the Marketing Procurement function, which is a mistake. Legal, reputational and operational risks are key in this highly visible and strategic category.”
42% of those surveyed believed they have innovated and identified ways to deliver more than just savings back to their businesses largely through the use of new technologies. This is echoed by Tina Fegent, Independent Consultant and ProcureCon Marketing Advisory Board Member who says, “For Procurement teams, an innovative approach to new technology means investing in technological systems to help them work smarter. In this way they can improve their ways of working, and perform tasks faster, better, and more securely!”
Key statistics from the report include:
- 67% have established innovation as a KPI
- 63% of those attempting to rebrand the procurement function have seen success
- 42% have identified ways to deliver value back to the business beyond savings.
From our research it is clear that innovation is critical to successful firms, and procurement is no different. Innovation is not, however, just the domain of a team but a culture that must be embedded throughout the organization. Marketing procurement professionals across Europe have clearly illustrated they are making positive steps in pushing innovation forward. To download the full report, please click here.
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