The talent factor in purchasing

Executives know that talent matters when it comes to purchasing. But how important is it? A survey of global purchasing executives finds that three talent dimensions are associated with the lion's share of the differences between the financial performance of high- and low-performing companies.
Top purchasers hire better people for sourcing roles, set clearer performance aspirations for these people, and create strong purchasing cultures that align the purchasing function with corporate strategy.
The payoff? The overall annual savings realized by the top purchasers are nearly six times greater than those of the low performers.

Exhibit 1: Good purchasing management and financial performance are strongly correlated.
Exhibit 2: Talent correlates with greater improvements in purchasing performance.

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