Procurement Vs. Supply Chain
Procurement word the action of obtaining or procuring something.
“Procurement refers to the participation in the development of requirements and their specifications managing value analysis activities conducting supply market research; managing supplier negotiations conducting traditional buying activities administering purchase contracts; managing supplier quality buying inbound transportation.
- from purchasing and Materials Management Text and Cases by Donald Dobler
Steps of the Procurement Cycle
Need Recognition
Specific Need
Source Options
Price and Terms
Purchase Order
Delivery
Expediting
Receipt and Inspection of Purchases
Invoice Approval and Payment
Record Maintenance
Supply Chain “consists of everybody involved in getting your product into the hands of a customer. It includes raw material gatherers, manufacturers, transportation companies, wholesale warehouses, in-house staff, stock rooms and the teenager at the register.
Plan ---Source---Execute--Return---Deliver
At the end, Procurement is a subset of Supply chain Management.
To manage procurement of the business we can use serialized inventory software .
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Procurement and supply management entails the acquisition of goods and services that enable a company to function profitably and ethically. PrismERP provides a practical solution by displaying all stages of procurement Management System. analytically and without risk, depending on the industry.
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