Most companies only scratch the surface of procurement efficiency. Those that dig deeper discover that the savings can be dramatic. External purchasing is the largest single expense category for most firms, averaging 43% of total costs. Bain research shows that world-class procurement organizations can reduce a company's purchasing cost base by an average of 8%-12% and deliver additional annual savings of 2%–3% (see Figure 1). A talented procurement team can provide leadership teams ...

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