Procurement or Supplier Management has been evolved as one of the finest profession from simply a buying function. Professional education, technology and supply chain as a function gives it a very good name and fame for aspirants.
Category: Procurement
Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the organization receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and locations are compared. Procurement involves value analysis, supplier market research, negotiation, contract administration, and inventory control.
Inventory monitoring and control is the major aspect for any materials management dept irrespective of any industry. However, it will be crucial in case of multilocation construction company. It may lead to more resource optimization and fund locking in any company and generates profit.
Under “Demand Management Trilogy”, I have already published two articles. The first article is on “Demand Planning” wherein you can understand it very comprehensively and the second article is on “Demand Forecasting” which is a buzz word in Sales and Marketing industry and give insights to top-management for all important business decision making which helps the business to meet future customer demand. Despite both these concepts are still relevant and provide insights to C-level executives to make strategic decisions, both are missing capability to address the near future demand which is dependent on current and real-time events. To incorporate the capability of anticipating near future demand in traditional forecasting method, a concept of “Demand Sensing” has evolved and it is the topic of the third and final article of “Demand Management Trilogy”
To see the future is mankind’s old wish and ambition to become more powerful and…
In the 21st century of a dynamic market and cutthroat competition, the world has witnessed…
In this competitive global world, everybody is talking about controlling inventory which has the potential…