Operational Procurement: The Engine of Daily Operations
Operational procurement ensures a steady flow of essential goods and services, keeping your business running smoothly.
Here’s a quick look at its key functions:
- Purchase Orders: Formal requests to suppliers detailing what you’re ordering and at what price.
- Supplier Relationship Management: Building trust and collaboration with suppliers through communication, issue resolution, and performance evaluation.
- Order Fulfillment: The journey from supplier confirmation to receiving the goods or services, including quality control.
- Demand Planning & Forecasting: Using data to predict future needs and optimize inventory levels.
- Inventory Management: Keeping the right amount of stock on hand through tracking, replenishment planning, and cost optimization.
- Invoice Processing: Ensuring accurate and timely payments to suppliers.
- Contract Compliance: Sticking to the terms and conditions agreed upon with suppliers.
- Risk Management: Identifying and mitigating potential disruptions like supply chain challenges.
By mastering these activities, operational procurement becomes a strategic driver of success, ensuring smooth operations and strong supplier relationships.
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