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Modern procurement refers to the strategic process of acquiring goods and services in a way that adds value to an organization while minimizing costs and risks. It involves leveraging technology, data analytics, and supplier relationships to enhance efficiency and decision-making. Additionally, modern procurement emphasizes sustainability, ethical sourcing, and collaboration across the supply chain to meet evolving business needs and societal expectations. This approach shifts procurement from a transactional function to a strategic one that contributes to overall business goals.

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3w ago

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