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: Risk Management
Is your Supply Chain Resilient?
Amid the Covid-19 pandemic, there have been disruptions in global supply chains and many professionals have searched for answers to vital questions. With the nature of supply chains, which involves the flow of goods or materials from production to the final consumer, it is fair to say that disruptions are inevitable during this pandemic. Only resilient supply chains bounce back from…
JIT and Covid-19
Once upon a time, there was a guy named Just In Time (JIT) who was loved by many for being cost efficient. He was first used in the Toyota Production System and has been trending for over 50 years. Sometime last year, an intruder named Covid 19 came along and people began to rethink their position regarding JIT as he led…