Private equity firms have refined business process improvement techniques to reduce costs and improve performance. They take a long term view on change without public company targets, improving productivity in large European companies by 7% annually. When private equity acquires a company, they examine all business processes including procurement where substantial savings can be found since procurement accounts for up to 60% of revenues in manufacturing. Private equity introduces fresh perspectives to identify quick improvements, bypass management hierarchies for fast decision making, and focus on driving negotiated savings through profits. Chief procurement officers can learn from these techniques to improve procurement operations in their own organizations.