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Monitoring supplier performance and inventory levels.Locating and acquiring goods and services.Generally, a procurement manager is responsible for: Whereas other companies (particularly software companies) will often assign procurement responsibilities to an office manager or operations manager. Who oversees procurement management?Ĭompanies will typically choose to appoint a procurement manager (or even a procurement team) to oversee the function of procurement.

In the overall supply chain process, procurement’s responsibilities stop once your company has possession of the goods. Direct procurement involves expenditure on goods and services that directly impact the company’s bottom line, whereas indirect procurement is expenditure on day-to-day operations and other requirements that do not have a direct impact on company profit. It’s also important to note that companies can engage in both direct procurement and indirect procurement.

Cost-benefit analysis or cost-utility analysis.Here are some of the tasks involved in the procurement process: To do this effectively, a procurement manager must assess factors like quality, quantity, time, and location on a continual basis, along with negotiating to find the best available pricing (and therefore savings) for the company.īut procurement and supply chain management like this involves a variety of factors. the buyer) receives goods, services, or works at the best possible price. Hence, the goal of procurement management is to ensure that the company (i.e. In order for a company to make a profit, the cost of procuring goods and services must be less than the amount it can sell the goods for, minus whatever costs are associated with processing and selling them.

In short, procurement is the process of finding and acquiring the goods and services your company needs to fulfill its business model. The meaning of procurement when it comes to supply chain management is quite simple.

Procurement vs Supply Chain Management: What’s the Difference?.

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