There are big opportunities for companies to save money by optimizing indirect procurement, according to Mark Hillman, global head of market insights and analysis with Procurian. He explains how it can be done.

Basware has joined with MasterCard to develop an electronic-payment application which speeds up payment to suppliers upon invoice approval, while extending payment terms for buyers.

Sixty-seven percent of surveyed chief procurement officers say their departments are more focused on building collaborative relationships with suppliers than on obtaining the lowest costs, according to a survey by Consero Group, an international player in events scheduling for senior executives. The results were reported as part of its Fall 2013 Procurement & Strategic Sourcing Data Survey.