Purchasing and Supply Chain Management - Procurement Process - Coursework Example

TABLE OF CONTENTS Purchasing and Supply Chain Management 2 Introduction 2 Identification of Desired Procurement Outcomes and Objectives 4 Sub Theme One — Inter-Organisational Operations 6 Strategic Sourcing 6 Risk 8 Supply Chain Design 9 Transportation 10 Transition 10 Sub Theme 2 — Intra-Organisational Operations 12 Knowledge Acquired 12 Product 13 Inventory 14 Technology 16 It is indispensable for procurement professionals to identify and adopt the technology that facilitates the procurement process and promotes the overall strategy of the organisation. Such technology should provide quantifiable results, including diminished transaction costs, enhanced process efficiency, elimination or reduction in spending that does not adhere to the principles of procurement or the policies of the organisation, increased contract compliance and transparency, shorter cycle times, and better inventory costs. In addition, technology has the capacity to increase supplier access to bid prospects, thereby increasing competition, diversity, and the inclusion of suppliers[Pri13]. 16 Transition 17 Sub Theme 3 — E-Procurement 18 Transition 20 Conclusion 21 Bibliography 23 Appendices 27 Appendix One — Role of Procurement in Supply 27 Appendix Two — Research Log 29 Purchasing and Supply Chain Management Introduction Procurement is a process that involves the management of a broad range of processes that are related to the necessity of a company to acquire the goods and services required to operate the organisation or to manufacture a product. The aim of this work is to examine the importance and function of procurement in supply chain management of organisations. In this regard, several academic books, journals and authentic websites have been consulted. It is claimed by this work that organisations realise several crucial benefits by adopting the process of procurement. The hypothesis of this research work is: The major benefits obtained by procurement are; innovation, lower costs, reduced risk, greater added value, better quality, and improved efficiency. In order to achieve the aim of this research, the other objectives undertaken in this work are; inter-organisational operation of procurement as subtheme 1, intra-organisational operations as subtheme 2, and e-procurement as subtheme 3. Under subtheme 1, the elements of procurement in supply chain, including strategic sourcing, risk, supply chain design, and transportation have been analysed. On the other hand, subtheme 2 examines factors, such as, product, knowledge, inventory and technology, in which an important function is performed by procurement, in order to improve the development of the organisation. Finally, subtheme 3 scrutinises the novel notion of e-procurement. Thereafter, conclusions have been arrived at. As such, this work establishes that procurement is vitally important for supply chain management, which in turn is of great benefit to the organisation in several ways. The major results of procurement are innovation, lower costs, reduced risks, improved added value and quality, and enhanced efficiency, vis-à-vis the organisation. Importance of Procurement Procurement constitutes the management of the numerous processes associated with the act of acquiring goods and services required by an organisation to manufacture a product, change inputs to outputs, or for the purpose of administering the organisation indirectly. Some of these processes are activities, including product and service sourcing, selection of suppliers, negotiation of terms and pricing, management of contracts and transactions, management of the performance of suppliers, and issues pertaining to supplier sustainability[Wal143]. The business management function that ensures identification, sourcing, access and management of the external resources required by an organisation for achieving its strategic objectives is termed procurement. The exploration of supply market opportunities and the implementation of resourcing strategies that ensure the best possible supply outcomes to an organisation, its customers and stakeholders is undertaken by procurement[Cha152]. This process is based upon the tenets of external resource and supply management. Identification of Desired Procurement Outcomes and Objectives The planning process has as its first step, the identification of the desired objectives and outcomes of the procurement. It is necessary to realise that this process is not invariably linear. Thus, in some instances, the information collected during the information gathering stage will exert an influence upon the identification of objectives. For example, the supply market, upon being subjected to an analysis, reveals that sources of supply are limited. This implies that a cardinal objective is to identify suppliers who can develop alternative products. As a consequence, limited sources of supply constitutes an important factor that has to be accommodated at the definition stage of the process[Uni156]. This process varies in intricacy from case to case. For instance, with regard to commodities that are utilised across organizations with high volume, the objectives and desired outcomes of procurement could be described unambiguously in the procurement strategy of these organisations. At the same time, with respect to the procurement of a solution that is complex, of high value, and which is crucial for the client or organisation there could be complex stakeholder networks. Moreover, these networks could entertain specific objectives and desired outcomes[Uni156]. The various stages of the individual procurement planning process are depicted below. [Uni156]. Sub Theme One — Inter-Organisational Operations Strategic Sourcing It is evident that procurement is vitally important for organisations to attain their objectives and to brace themselves for imminent uncertainties. This dictates that procurement, to a certain extent, has to concentrate upon reducing the costs of the business. Nevertheless, there is opportunity for enhancing value in a significantly greater strategic manner. For instance, KPMG has claimed that its professionals, whilst responding to procurement functions at the international level, have notices that several of the well matured procurement organisations had transformed the manner of their working with the business. This had caused these organisations to don a leadership function with respect to reducing costs and promoting growth across the organisation[KPM12]. With a view to obtain a better quantification regarding the maturity of procurement functions, across the globe, the professional service company KPMG had collaborated with CPO Agenda, in order to survey 585 procurement leaders. That survey discovered that there was a substantial hiatus between the present state of procurement and what it had been expected to attain. Specifically, that research work identified the following areas where procurement could have made changes, in order to add substantial value to its organisation[KPM12]. First, there should be partnering with the organisation, whereby procurement would have exercised greater effort to align the principal stakeholders and to comprehend the business operations, thereby emerging as a proper strategic collaborator. This would have required procurement to progress higher up in the value chain and to ensure that it was engaged at a much earlier stage of the decision making process. Such promotion of the procurement process would have clearly illustrated the manner in which active involvement enhanced value to the top and bottom of the supply chain[KPM12]. Second, there should be a sincere endeavour to develop beyond mere cost savings. As such, procurement will always attempt to drive costs from supply contracts. However, it has been noticed that several organisations find it difficult to extend their activities into the core capabilities, including category management, demand management, risk management and Supplier Relationship Management (SRM). The comparatively lower levels of spend under contract and management in several sectors ensures that procurement has a substantial opportunity to stretch itself beyond cost savings and to provide the organisation with greater strategic value[KPM12]. Third, it is necessary to realise the optimal operating model. As such, the majority of the procurement organisations have adopted an operating model that has been significantly centralised. Nevertheless, several such organisations envisage challenges whilst attempting to realise strategic value for their businesses. Supply Chain Directors have been seen to reassess their operating models, in order to derive increasingly greater value from their activities across the world[KPM12].This is undertaken in conjunction with providing a strong centralised framework that ensures competencies throughout the business at lower operating costs for the function, in its totality. Risk As such, it is indispensable to prioritise supply chain risk. The past decade has been witness to several hostile developments, including financial crisis, natural disasters and unprecedented supplier failures. Several research studies on the outcomes of these misfortunes have highlighted the absence of competent leadership with regard to supplier risk. Thus, it becomes imperative for procurement to actively promote the inclusion of supply chain risk in the wider business agenda [KPM12]. The consequence of such inclusion would be the provision of better protection to business from the turbulence and uncertainty that seem to be imminent. Procurement is no longer condemned to being a secondary business function. In fact, it has emerged as a core feature of the management of any organisation. Procurement has been rendered responsible for acquiring specific resources required by the internal operations of a business concern from its external components. On occasion, procurement and purchasing are treated synonymously in the literature[Per14]. Nevertheless, several reputed scholars have emphasised a clear distinction between them. These scholars define procurement as an evolution of purchasing; whereas the latter has been basically focused upon the reduction of costs. Thus, procurement is regarded as a complex business function that is responsible for planning, implementing, evaluating and controlling purchase decision[Per14]. Moreover, it brings under its ambit the management of suppliers and resources. Supply Chain Design In this manner, procurement has widened its perspective, so as to procure a competitive edge in the contemporary market that is marked by considerable volatility. It is the aim of procurement to align and synchronise the internal requirements with the external resources, in order to realise the targets of the business concern. Several researchers have described procurement as a function that spans boundaries and impartially considers both side of the extended enterprise, so as to isolate reasonable and favourable solutions[Per14]. Procurement managers provide logistics data, pricing and discounts, suppliers’ capacity, new products information and other information internally. Such information is made available to the other functions of the organisation and the internal customers who assume responsibility for supplying procurement with their requirements. Consequently, it is indispensable to incorporate cross-functional integration between procurement and other functions, in order to enhance visibility regarding flows. As a result, managers are enabled to take decisions that have greater reliability[Per14]. Thus, procurement has been generally acknowledged as a crucial function that is responsible for enhancing competitiveness in an unpredictable environment. In addition, purchasing denotes the process of placing orders for goods and services, and the receipt of the same. It constitutes an important component of the procurement process. In general, purchasing denotes the process of ordering goods, including request, approval, creation of purchase records, and receipt of goods[Def15]. Transportation A crucial element of supply chain management is constituted by transportation. The latter generates value, as it enables place and time utility. As such it ensures that customers can obtain a product whenever and wherever they want it. Transport management has concentrated upon conveying products as rapidly, cost effectively and consistently as feasible to the point of consumption from the point of origin. The competitive status of an organisation is dependent to a major extent upon the capability of transport to guarantee time and place utility at a cost that does not prove to be disadvantageous to it[Ber98]. Transition It is incumbent upon every organisation’s procurement function to comprehend the various product and service supply chains. In addition, they have to function in combination with the principal stakeholders, in order to manage and address the different associated risks. Organisations that adopt these practices can circumvent the consequence of the different challenges of the operating environment. Moreover, these organisation tend to be swifter in their reaction to unexpected events. The utilisation of supply chain wide skills, expertise and capabilities by all the partners of the supply chain is termed strategic supply. These partners believe that their goals will be realised only when they work in a collaborative manner. In this process, procurement constitutes an indispensable factor. In the present day scenario, procurement has come to be regarded as being inviolable for administering enterprise wide thinking, wherein suppliers add value that is employed for achieving a competitive edge for the supply chain, in its entirety. Sub Theme 2 — Intra-Organisational Operations Knowledge Acquired Procurement had traditionally been regarded as a necessary feature of multinational corporations. However, it is only during the recent times that it has been accorded a cardinal function in such organisations. As such, present day procurement has emerged as one of the primary promoters of success for global firms[Wha08]. Business practices and scientific contributions relating to the delivery chain have experienced considerable exploration. This has been the outcome of the traditional practice among firms to deploy their services and products on the market. Nevertheless, the number of studies dealing with the capacity of reverse chains, from a holistic perspective, has been very less[Gob11]. Concepts, such as, lean production, just in time postponement, efficient customer response, continuous replenishment, vendor managed inventory, postponement, and mass customisation have been subjected to a substantial amount of study from the operational, as well as theoretical perspective. All the same, very few attempts have been made to investigate the reverse chain[Gob11]. Power, with respect to a supply chain, is the ability of a member of the supply chain to influence the decisions taken by its other members. In 1959, French and Raven suggested a concept of power that was more general and multi-dimensional. These scholars had contended that power could be categorised as coercive power, expert power, legitimate power, referent power, and reward power. In the year 1994, the scholars Hunt and Morgan had proposed that relationship commitment constituted the inclination of a party to invest relationship-based, financial or physical resources in a relationship or the carrying out of a transaction[Zha141]. Product The contemporary period is distinguished by faster product cycles, global competition, and enhanced risk of supply chain disruption. In this milieu, it is essential for the corporate sector to be familiar with employing procurement as a means for deriving a competitive advantage. It is possible for companies to reduce costs and improve liquidity by adopting a more comprehensive approach towards what they purchase and how they do it. For instance, full potential savings programmes can achieve reduction from 8% to 12% of total procurement costs, and in some categories, even a 40% reduction[Bai15]. Thus, procurement is central to reducing product costs in the supply chain management of an organisation. As such, members of a supply chain encounter the crucial issue of allocating their resources between diminishing flawed items and expanding the group of characteristics that improve the popularity of the product. A reduction in the proportion of imperfect items, allows the members of the supply chain to diminish revenue loss [ElO13]. On the other hand, improving the allure of the product has the potential of enhancing market demand for the product. A compromise has to be arrived at by the members of the supply chain, due to these entities being compelled to allocate resources between these features. Till date, supply quality management, related to a dynamic game environment, has focussed upon; first, improving the quality of the design, in order to enlarge the group of attributes that improve the desirability of the product. Second, enhancing the quality of the conformity, so as to diminish the proportion of defective items produced. As such, supply quality management could be affected by the extent of coordination that exists between the members of the supply chain. With regard to a bilateral monopoly, it had been demonstrated by Economides in 1999 that quality was adversely affected on account of a double marginalisation effect. In other words, quality had been impaired due to a typical inefficiency discerned in non-cooperative supply chains that were uncoordinated[ElO13]. Moreover, the product return programmes have traditionally been seized with cost minimisation. With the passage of time, companies have widened their interest levels farther than the delivery of realistic after-sales service at the minimum feasible cost. Thus, companies have commenced to acknowledge the growing worth of products and technology generated at the end of the forward supply chain. The impact of environmental legislation, in conjunction with such transformation in perspective has brought about a transition in the focus of firms towards the adoption of a variety of recovery programmes[Gob11]. Inventory The interfaces of contemporary supply chains related to industrial goods are inventory management and procurement. At present there is an increase in the global division of work, in every industry, without exception. This increase aims to improve speed, process integration, and customer satisfaction. In turn, this has generated a growing necessity for a modern sourcing mechanism. Strictly speaking, procurement and inventory management are crucial for service and production companies. This is due to the reality that a major component of a company’s budget is that of procurement spending. The importance of procurement and inventory management stems from the fact that these ensure the availability of every supply category for infrastructure and operations[Dow12]. In addition, these are closely associated with the other functional areas that manufacture and deliver the products of the company. It is critically important for supply chains to manage vendor and customer relationships. In fact, in several instances, the notion of collaborative relationship has been deemed to be the crux of supply chain management. All the same, a closer scrutiny of supply chain relationships discloses that inventory management and storage are the mainstays of such relationships. Managing relationships, for all intents and purposes, entails the management, transfer or purchase of inventory [CSM14]. Thus, inventory is central to supply chains, as it constitutes one of its significant components. One of the most important function of inventory in supply chains is the facilitation of balance between demand and supply. In order to manage the forward and reverse flows in a supply chain efficiently, firms have to address the downstream customer demands and the upstream supplier exchanges. This compels an organisation to arrive at a balance between the fulfilment of customer demands and the maintenance of materials and goods in sufficient quantities. In this context, it is necessary to realise that the demands of customers, frequently prove to be difficult to anticipate with any degree of certainty[CSM14]. Such balance, is usually arrived at via inventory. These initiatives enable the sales and marketing group to make the necessary plans, vis-à-vis the impending time horizon, via the accurate assessment of the inventory levels available with the firm for sale. Moreover, the operations groups are provided with the facility of accessing direct and up to date sales forecasting information. This can be of great assistance, whilst preparing for the inventory requirements of the future. Furthermore, such information could lead to changes in manufacturing plans or procurement requirements, due to the strategic decision to concentrate upon specific units of inventors, instead of the general inventory units in the forthcoming period[CSM14]. Technology It is indispensable for procurement professionals to identify and adopt the technology that facilitates the procurement process and promotes the overall strategy of the organisation. Such technology should provide quantifiable results, including diminished transaction costs, enhanced process efficiency, elimination or reduction in spending that does not adhere to the principles of procurement or the policies of the organisation, increased contract compliance and transparency, shorter cycle times, and better inventory costs. In addition, technology has the capacity to increase supplier access to bid prospects, thereby increasing competition, diversity, and the inclusion of suppliers[Pri13]. As such, change from an existing environment to another is termed transition. In general it is a temporary and sequential adaptation that has to be planned and administered, keeping in mind subjective and objective factors, and latent risks. With regard to procurement, transition denotes integration of a newly established facility in a manner that it can be utilised efficiently on a daily basis. Thus, the transition period commences with the facility being made operational. Growing acquaintance with the routine use of the facility results in the gradual waning of the transition period[Kov11]. Novel supply chain technology has the capacity to energise the operations in progress, streamline inventory, and enhance revenue, upon being applied properly. It is vitally important to ensure that new solutions integrate seamlessly with the extant technologies and processes. A firm improves its performance and general status by integrating new technology into its existing operations. Thus, customer services, cost reduction and supply chain streamlining can be significantly improved upon undertaking such integration. All the same, it essential for the new technology to be totally synthesised with the extant personnel, policies and practices of the organisation, if the latter is to realise its full power[Har052]. Transition Supply management deals with rendering the organisation more competitive. It bestows considerable attention upon the flow of goods and services in the organisation. The final aim is to promote end-use customer satisfaction. In order to realise such goals, organisations have to acquire goods and services at competitive prices, concentrate upon cost reduction techniques, improve cycle times and reduce time to market. Furthermore, procurement activities promote the development of the supply base of the organisation. Sub Theme 3 — E-Procurement Corporate buying is facilitated by e-procurement, which constitutes a technology solution that employs the Internet. With its capacity to pervade the purchasing process, at every stage, e-procurement can alter it. From this perspective, e-procurement includes e-design at the specification development stage of the purchasing process. This ends with efforts of the supply manager to assess and rate the performance of suppliers[Pre03]. It can be contended that e-procurement is not a novel development, as several of the larger firms had been utilising technology in the purchasing process for several decades via electronic data interchange (EDI). The latter facilitates digital transactions between business partners by integrating databases. In addition, EDI employs a standardised format with respect to purchase orders and other features of transactions pertaining to purchases. Specifically, EDI uses the value-added network technology to link the seller and buyer[Pre03]. A recent research study by the Aberdeen Group had highlighted the benefits that a firm could derive upon adopting an e-sourcing strategy. For instance, a 25 to 30% reduction in sourcing cycle times, a 10 to 15% reduction in time to market times, and a 5 to 20% reduction in material costs had been observed. Reduction in cycle times had a major influence upon the potential of the firm to generate revenue. This was due to the fact that the firm could deploy its products in the market in a shorter period[Pre03]. The linking and integration of inter-organisational business processes and systems with the automation of the requisitioning, approval purchase order management and accounting processes via an Internet based protocol is termed e-procurement. The principal components of the e-procurement process are depicted in the figure appended below. As such, the process of purchase is a part of the procurement process. It refers to the actual purchase of materials and the activities related to the buying process[Alo11]. [Alo11]. E-procurement constitutes a system of electronic procurement, and its wider application context is e-business. The latter denotes the implementation of business activities over the Internet by means of digital technologies. The importance of e-procurement systems stems from the fact that these can enhance the effectiveness of operations, as well as the transparency of supply chains. Thus, it could be inferred that e-procurement systems have greater importance than the other e-business applications, with respect to the performance of a supply chain[Cha131]. A value creation perspective is significant, in the contemporary economic environment, for enhancing the performance of a supply chain. Furthermore, it can be presumed that the functional traits of e-procurement systems can enhance the efficiency of value generation in a supply chain. In addition to the impact of e-procurement, potential relationships could exist in partner relationships, supply chain integration and information sharing[Cha131]. Transition E-procurement denotes automation of the processes associated with procurement and supply chains, by employing Internet based technology and applications. The notion of enterprise resource planning systems is broadened by this, which in turn facilitates the automaton of internal business processes. In this manner, a platform emerges, which supports automation at the international level. E-procurement enables professionals, across the globe, to convey information efficiently and in a straightforward manner, thereby streamlining the procurement process at the global level; and reduce costs and time without impairing quality and standards. Conclusion This work scrutinised the role of procurement, as a key element in the process of supply chain management, which established itself as an innovative strategy in the growth of organizations. In addition, E- procurement, as a novel trend in strategic management had been discussed. This work examined the ways in which procurement could affect or aid the developmental goals and sustainable growth of an organization. According to the present research work, it has been acknowledged that procurement and supply chain management is a complex process that consists of multiple stages and stakeholders. These phases need involvement of management at every stage for the better achievement of organisational goals. Hence, supply chain management is an important strategy for business organisations. It encompasses important processes, such as procurement and other logistic management methods. This supply chain strategy promotes sustainable relations among manufacturers, suppliers and consumers. In addition, the role of procurement underwent change due to innovative strategic processes. As such, procurement helps the managers to organise their administrative processes in a way that maximises the benefits of supply chain management. Consequently, procurement improves the profitability of an organisation, and contributes substantially towards business continuity. Therefore, it can be claimed that procurement is central to any organisation. It has the capacity to manage the related internal and external organisational issues that could facilitate the creation of flexibility in the supply chain. Another important and novel aspect of supply chain management is the process of the e-procurement. In this system, managers have to intervene with several processes at different levels, in order to maintain trust-based, as well as long term relationships with the stakeholders. The process of E-Procurement is based on information technology, and comes into play at the input stage of the supply chain. In this system, information network is strongly connected, which helps in the development of the organization, due to wide communication among several actors. Due to the emergence of e- procurement systems, competency of business systems had been improved. As such, information technology utilisation in supply chains rendered the procurement system, an innovative strategic action for growth. As such, the role and obligations of management have become more complex in the globalised era. The emergence of e-procurement in strategic supply chains transformed global communication, and made it much wider and faster, so as to cater to the needs of customers at the receiving end. Bibliography Alor-Hernandez, G., Aguilar-Laserre, A. A., Cortes-Robles, G. & Sanchez-Ramirez , C., 2011. Improving E-Procurement in Supply Chain Through Web Technologies: The HYDRA Approach. [online] Available at: [Accessed 22 November 2015]. Bain & Company, 2015. Procurement. [online] Available at: [Accessed 13 December 2015]. Bergmann, R. & Rawlings, C., 1998. Transport management Future directions: redifining the role of transport. In: J. Gattorna, ed. Strategic Supply Chain Alignment: Best Practice in Supply Chain Management. 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Appendices Appendix One — Role of Procurement in Supply Appendix Two — Research Log Database Time Spent Search Terms Results Evaluation of Material ProQuest 2 hours Supply chain Procurement Too many articles Helps to find terms to narrow down to specific topics Academic Search Complete 1 hour Power & Supply Chain Knowledge 30+ Helps to assess Knowledge issues in the essay Elsevier Science Direct Journals Complete 1.5 hours Technology E-procurement 20+ Helps to find e procurement &Technology topics for essay EBSCOhost Computers and Applied Sciences Complete 0.5 hour Product Supply chain Quality management 12+ Helps to find aspects of quality management ABI/INFORM Global 1 hour Electronic Procurement system Performance 50+ Helps to find topics on supply chain integration Google Books 1.5 hours Procurement Transport Management Inventory 20+ Helps the essay in transport management & inventory issues Websites 1.5 hours Procurement Goals& Objectives Automation 40+ Helps the essay in finding basic processes of procurement Read More