Value-based procurement principles have roots in the healthcare industry. There is growing interest in adapting these principles in other industries as strategic procurement becomes imperative.-By BETTY ARMSTRONG

Strategic procurement is an imperative, a fact brought home during the supply disruptions due to the pandemic, natural disasters, and political events over the last few years. Today's well-designed procurement strategies contribute to business competitiveness, environmental sustainability, social justice, a diverse and sustainable supply chain, and the bottom line. Procurement already generates value in many ways, but to create the most value, the organiza....