While the economy has become the top issue for business and supply management executives alike, there remains some debate on how best to address it. Recent research of over 160 global procurement, finance, and supply chain executives offers some answers.

As its title suggests, the third-annual Spend Management Priorities and Challenges study reveals strategies and approaches supply management executives are taking to address the current economic malaise. According to the study, the Top 10 Spend Management Priorities for 2008 include:

10. Extend spend coverage without adding resources

9. Ensure user adoption of spend management technologies

8. Build internal commitment for spend management programs

7. Recruit, audit, and measure supplier performance

6. Completing projects on time and within budget

5. Supporting multiple business geographies

4. Increase visibility into upcoming spend in the majority of spend categories

3. Identify savings opportunities faster

2. Improve access and analysis of spend data

1. Deliver measurable results that correlate into bottom-line metrics

Surprising? Not really. But the details on how companies are organizing, hiring, and investing to achieve these goals provides a roadmap for what it will take to combat the current economic crisis. I will be examining these strategies and other report findings in the coming weeks. In the interim, download a copy of the complete report here.