Examlex
Explain integrations and the role they play in connecting a corporation.
Total Cost of Ownership
The comprehensive assessment of the direct and indirect costs associated with the purchase and operation of a product or system over its entire lifespan.
Centralization
A process where decision-making authority is concentrated at a single point in the organization, often at the top management level.
Buying Specialization
A procurement approach where purchasing responsibilities are divided amongst team members based on specific categories of goods or services.
Purchasing Consortium
A group of companies or organizations that join together to pool their purchasing power, aiming to negotiate better terms and prices from suppliers.
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