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Companies with the most proficient procurement organizations contribute much greater value to the overall enterprise, take a more coordinated approach to their spend base over three to five years, strategically segment their supplier base, and focus much more on value-adding purchasing activities. Masters of procurement are far better at creating effective procurement strategies, sourcing and category management as well as managing suppliers. Masters efficiently managed buying channel execution and consolidate procurement operations, which leads to far greater cost savings and operational effectiveness. Masters use an automated requisition-to-pay platform across their organizations.
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