The Procurement Function is a vital part of the Supply Chain Mechanism, which is responsible for the acquisition of mission-critical inputs for the realization of business objectives. Even though procurement plays a pivotal role in supporting critical operations, managing spends, and mitigating supply risks, it often receives less regard than due. A close examination of Procurement Operations would reveal that…
The world is evolving day by day, and supply chains are becoming more complex. The topic of cashless systems has been at center stage for some time now. Cashless procurement systems are now no longer something of a distant future but one of sudden reality. The following are benefits of cashless procurement systems: 1.) Reduction of corruption: These systems eliminate tax…
Special thanks to Source One Management Services for this guest post Don’t miss updates on Procurement & Supply Chain, Subscribe here! From a high level, Six Sigma methodologies and the strategic sourcing process follow a comparable path and strive for similar results: efficient, leaner, and more cost-effective business environments. Both processes progress by adhering to decisions that are driven by qualitative and…
There are many procurement documents that cross a buyer’s (physical or virtual) desk. The sequence in which these documents are exchanged is key in ensuring an efficient transaction for both the buying and selling organizations. Don’t miss updates on Procurement & Supply Chain, Subscribe here! Here is the proper sequence for the exchange of these documents: Request for Quote/Proposal (from…