What is the term for a group of separate organizations that come together to procure products or services to leverage buying power?

The term that describes a group of separate organizations that come together specifically to procure products or services in order to leverage their collective buying power is "consortia procurement." This approach allows various entities, such as businesses or public sector organizations, to pool their purchasing needs, effectively increasing their bargaining power and achieving economies of scale. By collaborating in this way, organizations can secure better pricing, terms, and services than they might achieve individually.

The concept of consortia procurement is often used in sectors where collaboration can lead to significant cost savings and resource optimization, making it a strategic choice for organizations looking to enhance their supply chain efficiency. This collaborative mindset also fosters partnerships and can lead to shared best practices among the organizations involved, further strengthening their procurement capabilities.