A collaborative approach to acquiring goods, services, or technology where multiple departments or teams within an organization collectively participate in the sourcing, evaluation, and selection processes. This method ensures that procurement decisions consider diverse stakeholder requirements and technical specifications from various operational units.
Mechanism
The process involves establishing inter-departmental working groups, which pool expertise from areas like trading, IT, legal, and compliance. These groups define requirements for new crypto trading systems or data providers, evaluate vendor proposals against agreed criteria, and jointly approve selections. Centralized data repositories facilitate shared information access.
Methodology
The strategic rationale for cross-functional procurement centers on mitigating risks associated with specialized crypto technology acquisition and maximizing operational compatibility. It aims to achieve optimized contractual terms, technical alignment, and long-term vendor performance by synthesizing diverse internal perspectives and system architecture needs.
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