Supply Chain Management

Supply Chain Management

For a company to make profits, the cost of purchasing goods and services has to be less than the revenue generated from those goods and services. Supplier/procurement management should therefore ensure that the company purchases goods and services at the best possible price; and that factors such as quality and quantity are assessed on a continual basis.

Suppliers form an important part of your business. Procurement is often responsible for up to 70% of companies’ revenue, so small reductions in costs can have a huge impact on profits. Supplier/procurement management therefore refers to the processes and activities dealing with the identification, selection, and management of relevant suppliers followed by a practical evaluation of their performance to ensure they are providing maximum value for the organization.

An effective supplier management process can be responsible for; negotiating lucrative production and supplier contracts, spearheading innovative new processes, spearheading corporate social responsibility in diversity and inclusion by proactively seeking diverse suppliers, and giving your business a competitive edge.

Establishing a proper relationship, managing the requirements, and communicating clearly with suppliers is essential to the organization, which means a comprehensive supplier management policy is required.

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