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Best Practice | Description |
---|---|
Supplier Relationship Management | Develop strong relationships with suppliers to ensure timely delivery and quality products/services. |
Cost Reduction Strategies | Implement cost-saving measures such as bulk purchasing and negotiation with suppliers. |
Risk Management | Identify and mitigate potential risks in the supply chain to avoid disruptions. |
Technology Integration | Utilize procurement software and tools to streamline processes and improve efficiency. |
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Source: Data compiled from industry reports and studies.