The easiest way to define Procurement is the acquisition of goods and services. It is a vital part of Supply Chain Management which has evolved from Purchasing which is an administrative function to Procurement which is a more strategic approach to goods and service acquisition. Today, procurement goes beyond that. It also entails good planning and management of the stakeholders…
Tag: Procurement
Why is SRM so important?
Suppliers are major players in any supply chain. As a matter of fact they are one of the first stakeholders. Your choice of suppliers affect your bottom-line and reputation. You want to know how? Let’s go. Firstly, suppliers affect your bottom-line because of the prices they quote. Remember cost minimisation for profit maximisation? Secondly, suppliers affect reputation because of the quality of…