Spending Money to Make Money

At cutting-edge companies around the world, the image of purchasing as a mere corporate spender soon will go the way of the typewriter. Electronic procurement is opening the door for purchasing organizations to slash time and expense and focus on strategies that add value. In fact, data show that implementing e-procurement will save the typical $1-billion company 2% or more in purchase costs, and represents a $100-million increase in shareholder value. Companies that cling to more conventional procurement methods never realize these benefits.