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: Suppliers
The Benefits of Supply Chain Collaboration
Complex supply chains require collaboration; which is when two or more factions or external organisations work together to perform supply chain operations. Supply Chain Collaboration can either be Vertical or Horizontal. Globalisation and fierce competition reveals the need to cease supply chain isolation. This is because isolation limits flexibility and cannot aid resource optimisation. Vertical & Horizontal Collaboration Ferrell et…
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…