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Introduction to Supplier Consolidation

World of Procurement blog

Supplier consolidation refers to the strategy of reducing the total number of suppliers that a company deals with and instead focusing procurement spending on a select few preferred suppliers. To gain operational efficiencies by standardising and simplifying purchasing processes across fewer supplier relationships.

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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

What is Procurement? Procurement refers to the business processes involved in acquiring goods, services, and work from external suppliers. It involves identifying needs, sourcing potential vendors, obtaining quotes and proposals, negotiating contracts, selecting suppliers, managing relationships, and meeting obligations.