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16/07/2007 15:09
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The majority of executives in the financial sector are prioritising eprocurement as a key means of improving operating efficiency and cost management across their business.
Pressure is mounting for finance directors to effect cost savings as part of their ongoing strategies and research conducted by CFO Research Services suggests that eprocurement is a key means through which this is being achieved.
The use of technology in procurement has been a focus point as a growing area of focus for finance directors, able to help control costs as well as decision support capabilities.
These have been highlighted as among the main concerns faced by finance executives, while transaction processing, regulatory compliance and financial reporting capabilities are of the least concern.
According to the survey, the majority of respondents stated that their procurement processes are "highly automated" at the moment, but much of this automation is thought to be limited to internal transactional processes involving purchase orders, for example.
Earlier this month the London Borough of Newham successfully deployed a new eprocurement system in six weeks, as one of the first bodies to establish a system of eprocurement in the UK.
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