Procurement Company plays a key role in running a successful
company as it helps in meeting business goals and lives up to the stakeholder’s
expectations. Procurement Company is a trusted advisor and are considered
valued partners in the business as they proactively understand what drives the
requirements of the business and they simply do not facilitate the buying
process. They effectively build strong business relationships with key
suppliers, which allows them to work together to reduce costs and even create
unique and customized breakthrough solutions. The procurement company works
closely during the operational planning and budgeting and provide insights on
supply markets with the help of tools and expertise. The company has formal
risk management programs to ensure that there is no hindrance in supply
continuity and regulatory compliance.
The basic function includes identification of buyer needs
and finding a supplier offering best quality at the best price and ensuring
timely delivery. The Company finds and qualifies suppliers and requests
proposals considering an overview of current market capability. The procurement
company negotiates with the suppliers to achieve the best in prices, terms and
delivery. If both the buyer and supplier agree to on all terms which includes
quality, delivery, pricing, etc., it is made official by signing contracts.
Throughout the delivery process, the products and services are evaluated to
ensure that they meet the desired standards, are charged as per the prices
outlined in the contract and arrive on schedule. After the completion of the
project, the procurement company analyzes the process, records the observations
and evaluates its success for future projects. The outcome is shared with the
company management as well as relevant stakeholders.
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