Prime Advantage Blog

Procurement’s Growing Need to Crowdsource

Dan Grant on Jun 8, 2017 9:15:00 AM

060817.jpegNone of us is as strong as all of us. And that’s true for all walks of life -- whether you’re playing tug of war, donating to a charity, or trying to come up with a creative solution. The more bodies and -- more importantly -- the more minds you can string together will exponentially increase your chances of reaching your goal. And the world of procurement is seeing this more than ever as it is crowd sourcing to help uncover innovations and solutions to help solve its growing needs. As job responsibilities continue to pile up, even the most elite buyers cannot keep up with every trend, best practice, and new regulation. They’re seeking out “the crowd” and becoming much wiser because of it.

One of the premier forms of crowdsourcing in procurement is to join a group purchasing organization. GPOs provide purchasing professionals with a bevy of opportunities to tap into the knowledge of their peers to solve nagging issues and answer the tough questions. GPOs assemble hundreds of manufacturers into one network so that each individual company can feed off of the assemblage to accomplish more than it could ever do individually. A GPO links these businesses through periodic conferences, round-the-year best practice sharing, and benchmarking. GPO participants are eager to help each other because they know one company’s growth means the group gets stronger, which in turn helps everyone’s ability to prosper.

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Topics: Procurement

Dan Grant

Posted by Dan Grant

Daniel Grant is the President of Prime Advantage, a Chicago-based Group Purchasing Organization for mid-market manufacturers.

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