Digital technology can help global companies ease the burden of higher input costs in the coming months through improved sourcing, Joel Hyatt, CEO of Globality told the Reuters Global Markets Forum on Tuesday, October 19. Hyatt said that streamlining procurement processes and boosting competition can raise companies’ efficiency and savings by about 20%, adding that less than half of the more than $4 billion spent annually by the average Global 2000 company on services is allocated in a transparent, competitive manner.
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