World Class Procurement Practices involve implementing best-in-class processes and strategies for sourcing, pricing and managing the acquisition of goods and services. These practices improve efficiency and reduce costs by utilizing advanced methods such as e-procurement, reverse auctions and collaborative contracts. Quality assurance, sustainability and integrity are also key components of world class procurement, meaning all suppliers must meet stringent standards to be considered. With World Class Procurement Practices, organizations have the opportunity to leverage their resources to get the most value out of their investments.