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For a purchasing process to be effective, the department must ensure it understands the company’s goals and plans. The most successful industries that may have managed to provide a very efficient purchasing process in the US include Food and beverage industries and electronic and computers industries.
To achieve this objective, the purchasing department must understand the business requirements. It is also required to buy products and services from the right source, at the right price, quantity, time, and the correct specifications as required by customers. The overall aim of this objective in manufacturing companies is to ensure that the raw materials needed in the production process are acquired, in the right quantity and quality and from viable sources. The implications this has is that if the wrong raw materials are bought, the entire production process is stalled and the company might end up making losses or producing poor quality products that do not meet the customers’ specifications(Matthews & Schneller, 2011).
For the purchasing process to be efficient and effective, there must be keen following of the whole process and knowledge of the supplier markets. Opportunities must, therefore, be identified, internal operations managed and all focus directed towards achieving this objective. In identifying opportunities, suppliers with the highest quality and cost friendly products are selected. Ensuring diversity in suppliers selected could also be beneficial to the company. The purchasing department has the responsibility of choosing the best suppliers, using the most viable criterion to choose the most current suppliers as they are usually very competitive. Internal operations involve managing procurement staff effectively, formulating policies and strategies. Proper leadership in the purchasing department, collaboration and teamwork helps in achieving this objective (Matthews & Schneller, 2011).
For the purchasing
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An industry evolves in terms of structures, sales, and overall returns. The environment in which the industry grows, also changes as the industry changes. The strategy of the business should be such that it is able to adapt to the changes in the environment.
It is also a tool explaining consumers’ patterns, which are crucial in financial budgeting. Knowledge of the patterns associated customers helps the business in avoiding unviable investments (Shaw & Schaubroeck 2003). It makes a company offer services that attracts spending when the customer is at the spending stage and navigate together with the customer’s need in future.
Current Purchasing and Supply Chain Practices in E-procurement. E-procurement is the business-to-business, business-to-government or business-to-consumer process of making purchases or selling supplies, services or work through the internet or other forms of information systems.
5 Compare and contrast the recession of 1981-1982 with the recession of 2007-2009 6 Identify a major difference between the 1981-1982 recession and the 2007-2009 recession 7 What specific fiscal policies to help the economy recover from the recessions of 1981-1982 and 2007-2009 7 Compare and contrast Real GDP, Unemployment, Employment and Inflation of the 1981-1982 8 Works Cited 8 Business cycle Business cycle refers to fluctuations in the economic activity that occurs in a recurring manner.
To perform this function the business organizations had to follow certain series of steps, which included requisition, soliciting bids, purchase order, shipping advice, invoice, and finally payment. Due to this the process was considered to be unacceptably slow, expensive, and labor intensive.
If these processes are not operated in an appropriate manner, accomplishment and achievement of desired objectives can never be possible.
When we talk about such processes which are essential for the achievement of targeted goals and objectives,
ss in which the raw material and work in process material management is done to carry out with the distributors in order to keep the operations running in an optimal level. By saying the word optimal, it means that there are a number of management techniques available for
For instance, these may entail the policies that support positive interactions, policies outlining operational issues and management policies (OBrien, 2009). This implies that the principles should guide the relationship between
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