Any well-run business is constantly looking for ways to improve. But the better you are at staying on top of this endeavor, the more it can sometimes seem like you’ve exhausted most of the good ideas. You can reach a point where you’ve done your due diligence and feel pretty confident that you’re making the best decisions on the options realistically available to your company. You can only get so lean, squeeze so much out of your resources, and fine-tune your processes so tightly.
And it is at this juncture, that it can be quite beneficial to not only keep looking for further development within your company, but also beyond it.
One of the best methods to doing this is to join forces with other companies in effort to accomplish more together than you could ever achieve alone. The easiest route to aligning with other businesses with this common goal is to link up with a buying group, or group purchasing organization. GPOs aggregate the purchasing power of their members to drive down costs, reduce supply chain risk, offer engineering solutions, and expand networks and exposure to best practices. See the graphic below for a snapshot of some of the additional benefits buying groups can bring to your organization: