article thumbnail

Innovative Procurement Models: Exploring Different Approaches

Empowering CPO

This could involve joint product development, shared risk and reward models, or long-term partnerships. Collaborative procurement can lead to better products, cost savings, and stronger supplier relationships. It requires deep market knowledge, strong analytical skills, and cross-functional collaboration.

article thumbnail

The Comprehensive Guide to Managed Procurement Services

Empowering CPO

By outsourcing procurement tasks to experts who have the knowledge, experience, and technology to manage them efficiently, businesses can focus on what they do best – whether it’s product development, marketing, customer service, or any other core function.