Supply Chain Management Posts

One of the main task of procurement and purchasing department personnels is to plan and execute an organization’s acquisition procedures and standards.

As many organizations today reduce the number of personnels within the procurement department, it is vital for the remaining ones to utilize the right strategies and tools to add value and maximise savings for the organization.

From consolidation and process improvement initiatives, a new term and job title emerged by the name strategic sourcing. Strategic sourcing manages the entire supply function through effective bidding processes and negotiation of contracts.

Obviously, negotiation skill / competency is key for every procurement department personnel to have. Having the right experience when it comes to negotiating for the best price is very important. But for those who are young and inexperienced, you can rely on the right tools to help you to negotiate better based on facts and market trends. But are there such tools available out there?

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A tool for procurement and purchasing departments

By Vernon Stent
The demand profile of products that have been on the market for a while, using tried and tested supply routes, can be forecast with reasonable accuracy, allowing inventory levels to be lowered to healthy levels. In an ideal world, the manufacturer will produce the right quantity for the demand that is out there and each point in the chain, through importer, wholesaler and retailer, will draw as much stock as they need on a just-in-time basis. Continue Reading »
Stock Management is an Art - Not Just a Science