Procurement is increasingly being recognized as a strategic function, and rightfully so, as organizations spend up to 95% of their revenue on purchasing necessary goods and services. Properly managing expenses and the supplier base directly contributes to achieving organizational objectives and can result in a competitive advantage.
However, organizations often fail to harness the full potential of the supplier market. This is a missed opportunity, as why wouldn’t an organization leverage the specialized expertise of suppliers? By involving the market (early) in the procurement process, it becomes possible to fully benefit from the knowledge and capabilities of suppliers.
In this insight, you will be guided through the benefits of early supplier involvement, the possibilities to tap into the knowledge of suppliers, and the advantages that come with it. Download the insight below.
