A study on Supply chain Procurement.
ABSTARCT :
Procurement is one of the most vital functions within the supply chain, directly influencing a company’s ability to deliver quality products, control costs, and meet customer demands. In today’s globally interconnected and highly competitive business environment, supply chain procurement has evolved from a simple purchasing function into a strategic element that plays a critical role in business success. Effective procurement ensures the timely acquisition of goods and services, reduces risks, and fosters strong supplier relationships, all of which are essential for maintaining an efficient and responsive supply chain.
The study of supply chain procurement aims to understand the methods, tools, and strategies used by organizations to source materials and services in a cost-effective and reliable manner. It involves analyzing the entire procurement cycle—starting from identifying needs, supplier selection, contract negotiation, purchasing, to delivery and payment processes. This comprehensive approach not only streamlines operations but also adds strategic value by aligning procurement activities with broader organizational goals.
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