Thursday, December 04, 2008
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"Value Creation"
Financial downturn empowering procurement
The continuing turmoil in the financial markets means that procurement’s voice is being heard louder than ever – that’s the view of the procurement chief at one of the UK’s largest banks.
Lloyds TSB launched a £12.2 billion takeover of HBOS after the stricken lender’s share price plummeted over fears of its exposure to the downturn in the UK’s residential and commercial property market.
And although the move has caused controversy in the City, Caroline Booth, chief procurement director at Lloyds TSB, believes that the momentous events of the past ten days have left procurement in an enviable position.
“The last couple of weeks have been a real roller-coaster,” she told Procurement Leaders.
“I think the economic uncertainty is making people look at costs as well as top line growth and it means the business is keener to listen to the kind of ideas that maybe they wouldn’t have in the past.
“Procurement has delivered some really tangible benefits and the business is very keen to talk to us.”
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