Cloud computing is one of two killer apps gaining popularity that will allow purchasing professionals to cut costs and engage in new forms of collaboration throughout the supply chain. The other killer app is social media, such as LinkedIn, Twitter, Facebook and others.

Neither app is really new. Cloud computing has been around in various forms since the 1960s. Social media sites emerged earlier this decade. But both so-called communities are boons to the supply chain.

Among the experts espousing that view is Sabeer Bhatia, who co-founded the web-based e-mail service Hotmail. Bhatia is a big believer in cloud computing and social media. "Cloud computing can lower costs for software users and allow them to have better control of applications. And social media can help companies increase collaboration internally and with suppliers."

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