I’ve often found myself in conversation with a CPO who bemoans the attitude of finance, with the charge focusing on how CFOs - and to a certain extent, CEOs - are only interested in cost.

The London Metal Exchange is one of those uniquely British institutions, whose rules and regulations go back centuries, impact billions of pounds worth of corporate and investor cash, yet no real tangible reason can be given for their existence.

It may sound like something out of a JRR Tolkein novel, but it is in fact the latest chapter in an intriguing real-life drama, where the traditional power houses of the West are pitched against the rising power of the East. Currently, the East holds all the aces.

If there's one thing that we have all come to accept, it's that change is a major part of corporate life. New executive leadership, shifting competitive landscapes, functional innovations and major external events all contribute to the fact that key, strategic business functions are constantly evolving. And here, procurement is no different.