What is a purchasing cooperative?
Is your company already part of a purchasing cooperative, or are you looking to join one? Regardless of which phase of the process you are in, you have made a wise decision.
Being part of a purchasing cooperative enables your business to benefit from better rates when it comes to purchasing contracts, and you can bypass a lengthy bidding process. In this article, you can find out more about what is meant by a purchasing cooperative as well as how you can benefit.
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BENEFITS OF JOINING A PURCHASING COOPERATIVE
As a legal practice that helps your company save on costs and speed up the procurement process, below are some ways you can benefit from joining a purchasing cooperative:
- Save time by making use of an already established contract instead of soliciting and negotiating the terms for a new one
- Enjoy lower prices for the supplies and services you need, freeing up costs to spend on more important processes
- Free up your employees’ time to focus on more essential tasks when they don’t have to spend time soliciting new contracts
- Streamline the process of obtaining the products you require, bypassing the lengthy and tedious process of sourcing for suppliers, requesting quotes, and negotiating terms .. and more!
UNDERSTANDING PURCHASING COOPERATIVES IN THE BUSINESS WORLD
In the business world, a purchasing cooperative refers to an agreement between two or more corporations to aggregate their procurement needs in order to get more favorable rates from suppliers
Government agencies can also make use of purchasing cooperatives to obtain more competitive rates and in addition, these agencies may be required to abide by bidding thresholds. In many states, organizations such as schools can enter into purchasing cooperatives, allowing them to enjoy the same procurement benefits as government agencies.
