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Some of the biggest challenges (headaches) for procurement professionals can either be due to internal / external factors or both. The top three reasons would be:
1 - Change in requirements (eg. specificataions, quantity, etc.) from the demand side are examples of internal factors
2 - Price Fluctuations owing to taxes, inflation, currency rates, external factors, etc. are examples of external factors
3 -Delays or deviation from delivery schedule due to logistical issues or from vendor side
The main challenges are:
- Volatility and Bull Whip effect in the demand
Other issues are:
- Getting support of (i) Senior management (ii) Finance (iii) I.T.
- Lack of planning & precise forecasting
- Maintaining optimum cost over a period of time
- Operation flexibility
- Skills development of procurement professionals on an ongoing basis
