As the economy becomes increasingly competitive, sustaining competitiveness and profitability requires organizations to focus on product innovation, higher quality, and faster response times, all of which must be delivered at the lowest possible cost. For many manufacturing and wholesale distribution organizations, this focus falls squarely on an effectively managed supply chain.
Firms with the most competitive supply chains are and will continue to be the big winners in contemporary business. While all of the links in the supply chain must be strong and well integrated, a key link that sets the foundation for the others is building a strong supplier base that can help the organization deliver on the competitive advantages needed to succeed.
Strategic Purchasing Functions
Purchasing can be seen as either strategic or transactional. Strategic buying involves the establishment of mutually beneficial long-term relationships between buyers and suppliers. As the role of purchasing grows in importance, purchasing departments are being charged with even more responsibilities.
Electronic purchasing, also known as e-purchasing or e-procurement, is a powerful tool that enables organizations to turn their purchasing department into a strategic function.
Is your procurement process a strategic advantage for your company?
Download the whitepaper to learn how firms are using e-procurement as a strategic advantage, how to determine if your business is ready for e-procurement, and how your procurement process will need to change to maximize e-procurement.