The Buying process:-

We crossed a chasm in terms of how we think about informationits no longer a set of bytes stored on a specific disk somewhere, and definitely not on a piece of paper in a filing cabinet. (Though there's no denying that are still plenty of stuffed filing cabinets sitting on insurance companies' premises.) Information is a piece of value that can be almost instantaneously transferred to whomever needs it. Money is managed very carefully, and to a large extent, it is virtual. But ultimately, there is a physical location that needs to be very secure, and attended to very carefully. And information is money, now it has the same virtual properties as money. It needs to be treated with the same sense of security and accountability as money.

Buying reengineers itself to become strategic:-

 Re-engineering recognizes that an organization's business processes are usually fragmented into sub processes and tasks that are carried out by several specialized functional areas within the organization.

Re-engineering maintains that optimizing the performance of sub processes can result in some benefits, but cannot yield dramatic improvements if the process itself is fundamentally inefficient and outmoded.

 Re-engineering focuses on re-designing the process as a whole in order to achieve the greatest possible benefits to the organization and their customers.

THANK YOU.