Procurement Management is a key factor to run a successful company because it helps you meet business goals and live up to stakeholders’ expectations.
Procurement management is the systematic approach used for buying all the goods and services needed for a company to stay sustainable. Manage your procurement well, and it will add value to all your business practices and save you both time and money.
This procurement process will also help you to
- Identify the goods and services to procure
- Complete Purchase Orders and issue for suppliers
- Agree on delivery timeframes and methods
- Receive goods and services from suppliers
- Review and accept the items procured
- Approve supplier payments
This Procurement Management Process will enable you to
- Identify supplier contract milestones
- Review supplier performance against contract
- Identify and resolve supplier performance issues
- Communicate the status to management
Procuring goods and services from external supplier can be a critical path for many projects. Often, the performance of the supplier will reflect on the performance of the overall project team. It’s therefore crucial that you manage your suppliers performance carefully, to ensure that they produce deliverables which meet your expectations.This Procurement Management Process will help you do this to get the most out of your external supplier relationships.