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: Supply Chain Management
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…
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…
Inventory optimisation for SMEs in the digital age. Why? and How?
Dear Reader, you don’t need to brace yourself. This is going to be short. So put on your supply chain hat and let’s go! According to EazyStock, Inventory optimisation is the process of lowering capital investment in inventory while reaching target service-level objectives over a large assortment of stock-keeping units while ensuring demand and supply volatility is under control. You might…
Consumer Behaviour and Supply Chain Management – a retail case study
Consumer behaviour is the pre, during and post buying and product usage experience of consumers. It entails the buying behaviour, mental and social behaviour, personal and environmental behaviour of consumers. It’s a science that studies humans, hence the link to Economics and Psychology. According to Radu, There are four types of consumer buying behaviour; •Complex buying behaviour •Habitual buying behaviour …
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…