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| Best Practice | Description |
|---|---|
| Supplier Relationship Management | Develop strong relationships with suppliers to ensure quality and timely delivery of goods and services. |
| Cost Reduction Strategies | Implement cost-saving measures such as bulk purchasing and negotiation with suppliers. |
| Risk Management | Identify and mitigate potential risks in the supply chain to avoid disruptions. |
| Technology Integration | Utilize procurement software and tools to streamline processes and improve efficiency. |
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Source: Data compiled from industry reports and studies.
