Description

Considered a critical part of the supply chain for any company, strategic procurement is all but a necessity for organizations that intend to remain competitive in the business climate for years to come. A well-developed strategic procurement process directly translates into improved business performance by way of focusing on bottom line savings in the long-term. To do so, companies need to manage and source their supply base in an efficient manner, while streamlining the process as a whole to retain strategic viability.

For companies in any industry, smart procurement practices are essential for ensuring efficient operations and an optimal bottom line. Put simply, procurement comprises all activities and processes involved in acquiring needed goods and services from external parties. This may include everything from office supplies, furniture, and facilities to heavy equipment, consulting services, and testing and training.

Properly managing all procurement activities not only keeps business operations running smoothly; it also saves money, time, and resources. Procurement management ensures that all items and services are properly acquired so that projects and processes can proceed efficiently and successfully. In short, proper procurement management is imperative for avoiding costly delays and errors.

1.Why are more top managers recognizing the

importance of purchasing/supply management?

2.What is the difference between purchasing and supply

management?

3.What are some of the factors that might influence how

important purchasing is to the success of an

organization?

4.What knowledge and skills do you feel are required for

a purchasing professional?

5.Discuss the four enablers of purchasing and supply

chain excellence.

6.What is the relationship between the growth in

worldwide competition and the evolution of the supply

chain concept?

One paragraph per question.