Date: Thu, Mar 2, 2023
A Group Purchasing Organization (GPO) aggregates the purchasing volume of its members for various goods and services and develops contracts with suppliers through which members may buy at group prices and terms. Despite their distinct advantages, GPOs continue to be widely misunderstood. Learn how to leverage the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members and why participating in a GPO is a distinct strategic advantage.
CoreTrust will cover the facts of how a GPO operates in reducing procurement costs by aggregating the demand for non-strategic, or indirect cost supplies and services used by a broad horizontal market spectrum of member client organizations by consolidating purchasing power and establishing contracts to achieve preferred pricing, terms, and service standards.
What you will learn:
- What an engagement with a GPO looks like
- Myths on working with a GPO
- Advantages on working with a GPO
- Company Sourcing Strategy and utilizing a GPO as a tool to achieve company goals
- Tactical vs Strategic Procurement activities and where a GPO adds value
Tripp Cates, AVP, Development, CoreTrust
Kyle Kramer, Account Manager, CoreTrust
Kevin McHenry, Associate Account Manager, CoreTrust
Robert Bowman, Editor-in-Chief, SupplyChainBrain
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- Source: https://www.supplychainbrain.com/articles/36453-how-to-streamline-procurement-and-increase-buying-power-working-with-a-gpo