In short, global procurement is complemented by globalised marketplaces. Powered by e-business platforms, a global approach to procurement provides supply chain visibility, allows companies to take advantage of the benefits of economies of scale and reduces rogue or unapproved expenditure.

Many companies understand that standardisation across regions and business units provides opportunity for improvement. Master data and process standardisation, coupled with the visibility delivered by a globally competitive supplier network, enable companies to elevate the impact of procurement decisions. Depending on the area of focus, Gartner reports companies can achieve annual savings exceeding 20% of their purchase spend due to gained efficiencies and improved sourcing strategies.