Best practice is associated with seeking to identify the best processes that exist, usually in other organisations, which it is hoped, if adopted, will lead to better outcomes. For example, a small organisation may not have the economies of scale to achieve the same commercial outcomes in acquiring a category as a much larger enterprise, but they may be able to emulate the processes that the larger organisation uses and, in so doing, optimise their own outcomes. See also Benchmarking.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
