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Procurement is one of the key functions in an organisation.
Procurement professionals should always keep in mind that the fund used for procurement serves the interest of the company. Hence they should procure the goods only after in depth analysis of the market.
They should obtain competitive quotations from different suppliers and a price review has to be done.
Before releasing a purchase order, they shall see the payment terms of the vendor, delivery days, lead time, transporter terms etc.
They should not only review the financial implication but also look into the quality of the materials too.
Since the purchase requisitions are raised by the operational departments and purchase payments are made by the accounts department, a good procurement function requires a smooth communication channel between the finance/ accounts department and operational divisions.
If I had to use one word, I would say ADAPTABILITY.
Procuring the right material at right time at right price.
Housewife is great procurement professional
I think procurement is the most effective and important role of the organization. Procurement activates is directly contribution in company loss or profit. So, if you are the best and fitted for procurement professional you have sincere i time, which is directly related to production line, good negotiation skills, create alternative sourcing, align with price and quality, make procurement analysis, SWOT analysis, Build good relationship with supplier, Etc.
it is not so easy to describe exact term on question abowe. I have read all comment and procurement is importnat as other department in any organisation. it is only part of whole process starting from carefully planning. For purchasing is most importnat to have right material in right time, just in time concept. in order not to over load warehouse or keep in stocks for longer period of time. which you increase cost maintain stocks and capture money Very import rolle plays your business partner- suppliers. My vision is that have strong business relationship with your supplier and mutual trust and long term cooperation. After you achive and manage to stream all that makes perfect purchasing. You will have stabile prices, desirable product and just in time delivery. So according to my opinion this is most importnat and what makes perfect procurement.
Procurement and Inventory system shall in a close feed back - follow up relationship
Procurement is one of the major contributor if a company will be in a loss or be in a profit. To be a great procurement prof. he/she should order the materials on time (so delivery will be on time as well), ordered as per the quality (or exceeds) quality desired, good technical knowledge, has a strong supplier base and has the ability to forecast future purchases ahead of time.
Its very important to understand the objectives of the organisation before even sourcing a supplier. Every decision should value the objectives of the organisation.
Honesty,dedication,teamwork,win win attitude, cost consciousness,balancing inventory,timely delivery with vendor rapport are the inherent qualities that makes a great Procurement professional.
