In today’s rapidly evolving landscape, public procurement faces the need for transformation. The digital age has equipped us with powerful tools, but it is the shift toward network-powered procurement that heralds a new chapter, enabling procurement teams to truly harness the collective power of collaboration.
What Is Network-Powered Procurement?
Network-powered procurement leverages a vibrant community of procurement professionals working together to exchange resources and best practices. Unlike traditional methods that tend to be isolated and siloed, this new approach promotes collaboration across different organizations—leading to improved efficiency and sparking innovation.
Imagine being able to access a wide range of qualified suppliers, useful templates, and piggyback able contracts at your fingertips. That’s what network-powered procurement is all about! A great example of this approach is the use of RFx templates and community forums.
Public procurement teams have shown a keen interest in inter-agency collaboration, as evidenced by a 265% increase in page views of Euna Procurement’s Peer and RFx templates— a tool that provides templates and cooperative/piggyback contracts—compared to last year. In addition, according to Euna’s 2024 annual State of Public Procurement report, over half of survey respondents collaborate with other procurement professionals monthly, if not weekly.
A lot of what procurement teams are already doing is considered network-powered procurement—and it can be as simple or in-depth as your team needs it to be. With the right tools, it’s easy to work regular communication and shared resources into your team’s day-to-day processes. This allows departments, both within and outside of organizations, to put their heads together to solve issues, share successes, and create better outcomes.
Embracing the Power of Your Network
At its core, network-powered procurement is about connection. We surveyed over 100 people in the public procurement community and found that a resounding 78% of people rate inter-agency collaboration as a useful part of their procurement process.
That data showcases the value in drawing knowledge from a nationwide network—allowing procurement teams to tap into existing peer RFx templates and leveraging co-procurement contracts, leading to time and cost-savings. This collective wisdom transforms procurement from a transactional function into a strategic partner within the organization and the wider community.
Ready to learn more about the emerging era of Network-Powered Procurement? Read our 2024 State of Public Procurement Report. This resource showcases key trends and the transformative power of collaboration to help teams overcome procurement challenges and achieve exceptional results together.