Procurement generally is not considered strategic. Its primary mission is to acquire needed goods at the best price and terms. It can save money, for sure, and it can secure necessary goods and materials that may be in short supply, which might be considered strategic but in general it provides an operations function, a cost-center to be minimized to whatever extent possible.
But that mindset is changing according to a recent study; Reaching New Heights: Dividends of Collaboration between Finance and Procurement, by CFO Research Services in junction with Ariba. Click here to see the study.