22 September 2010
When it comes to buying products and services, it seems that diversity of suppliers makes a difference. According to research in US by the The Hackett Group, companies that lead in procurement practices have more varied suppliers than others. The research also shows that companies with leading procurement operations make more money - for every $US1 million ($1.07 million) in buying costs they get an extra $US3.6 million in profits when compared with other companies.
Local companies are beginning to understand these benefits and organisations such as the Australian Indigenous Minority Supplier Council (AIMSC) are reaping the benefits.