– Powering the next evolution in procurement: BASF and Nationwide case studies

October 4, 2013

By freeing up time and supporting collaboration, business networks can underpin the next evolution in procurement.

We’ve all heard of them, but what exactly is a business network? And more importantly, what benefits can it bring to your procurement department and wider organization?

By creating a web-based community of buys and suppliers, automated business networks can dramatically cut waste from day-to-day processes in both procurement and ?nance, including sourcing, purchasing and accounts payable. Businesses not only save through increased ef?ciencies, they also deliver considerable cost savings through increased spend compliance as well as early-pay discounts.

For example, UK building society Nationwide expects such a network to contribute to savings of around £26m, while international chemicals giant BASF has slashed the cost of introducing supplier catalogues and processing purchase orders using such online business networks.

In this fascinating white paper by Hubwoo, discover exactly what defines a business network, and by revealing the details of these two case studies, it provides insight into how suitable a business network is for your organisation, what implementation and set up is involved, and ultimately how it can help take your procurement organization to the next level.

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