What is consortium buying and how procurement teams can benefit from it

Consortium buying is when a group of companies work together to pool their capacities and jointly buy their services, products and ingredients. It’s as if you went into a store and the sales assistant offered you a special deal because you and your friend were buying the same product together.

This purchasing model is the secret sauce behind the most innovative and cost-effective CPG brands. Procurement teams are using the collaborative model to get ahead in the market. Let’s analyze how procurement teams can use it to their advantage.