All posts in Procurement Processes

Role of the Procurement Function

Procurement Departments are created for the understanding and translation of customer needs and requirements to the selection of capable suppliers, to realize the cost-effective acquisition, receipt, and payment of vital inputs and raw materials. Factors impacting the Total Cost of Ownership such as quality, efficiencies, delays, stock-outs, obsolescence and carrying cost are heavily emphasized in the procurement discipline. Procurement Personnel must master 3 critical…

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Making a case for Procurement Automation

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…

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The Benefits of Cashless Procurement Systems

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…

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Strengthening Your Strategic Sourcing Process by Incorporating Six Sigma Methodologies

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…

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Procurement Documents: The Proper Sequence & Common Headaches

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…

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