These can range from office technology and supplies to services and raw materials. The major purpose is to have a deeper understanding of the organization's needs. This is due to the fact that it will aid in decision-making during the purchase process. Because we at Chartered Buying are here to make your life easier, here's an example from your everyday life to help you better comprehend advanced category management.
We believe that you have all visited supermarkets at some point in your lives. So imagine a massive marketplace brimming with everything from food and gadgets to apparel and electronics. Consider how each of these items falls into a specific category. Vegetables and fruits, for example, go under the category of food, whereas gadgets fall under the area of technology. Category management is analogous to how these many divisions are organized in a retail mall. Let us now delve into the concept of procurement category management, which is fairly popular among organizations trying to thrive in the market.
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