Collaborative purchasing is a strategy where multiple organizations come together to buy goods or services collectively. This approach allows them to leverage their combined purchasing power, often resulting in better prices and terms from suppliers. By pooling resources, organizations can also share knowledge and best practices, enhancing their overall procurement processes. This method is commonly used in various sectors, including education, healthcare, and government. Collaborative purchasing can lead to significant cost savings and improved efficiency, as participants can access a wider range of products and services than they might individually.