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Procurement outsourcing. Procurement outsourcing is the transfer of specified key procurement activities relating to sourcing and supplier management to a third party — perhaps to reduce overall costs or maybe to tighten the company's focus on its core competencies. Procurement categorisation and vendor management of indirect materials and ...
Business administration. Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [ 1] The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done.
Supplier relationship management ( SRM) is the systematic, enterprise-wide assessment of suppliers ' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion ...
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]
Supply chain management is a cross-functional approach that includes managing the movement of raw materials into an organization, certain aspects of the internal processing of materials into finished goods, and the movement of finished goods out of the organization and toward the end consumer.
Outsourcing. Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally, [1] [2] or in-house. [3] Outsourcing sometimes involves transferring employees and assets from one firm to another.
A chief procurement officer ( CPO) undertakes an executive role within an enterprise, focusing on sourcing, procurement, and supply management . Typically, a CPO is responsible for the management, administration, and supervision of the company's acquisition programs. They may be in charge of the contracting services and may manage the purchase ...
Purchasing management is the management of the purchasing process and related aspects in an organization.. A purchasing management department can be formed and operated by one or more employees in order to ensure that all services, goods, supplies, and inventory needed for the organization to operate are ordered and kept in stock, as well as control inventory levels and costs associated with ...