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GEOMUD NIG Interview Questions and Answers

Updated 14 Apr 2024
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Q1. Difference between commodity and specialized products?

Ans.

Commodity products are basic goods with little differentiation, while specialized products are unique and require specific expertise.

  • Commodity products are often sold in large quantities and have low profit margins.

  • Specialized products require specialized knowledge and skills to produce and sell.

  • Commodity products include items like wheat, oil, and metals.

  • Specialized products include items like medical equipment, aerospace components, and luxury goods.

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Q2. What are strategies in Procurement?

Ans.

Strategies in Procurement involve identifying cost-saving opportunities, building supplier relationships, and optimizing supply chain operations.

  • Identifying cost-saving opportunities through negotiation and strategic sourcing

  • Building strong supplier relationships through communication and collaboration

  • Optimizing supply chain operations through inventory management and demand forecasting

  • Implementing technology solutions to streamline procurement processes

  • Developing sustainable...read more

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Q3. What is reverse auction?

Ans.

Reverse auction is a procurement method where suppliers compete to win business by offering lower prices.

  • Buyers set a maximum price they are willing to pay for a product or service.

  • Suppliers then bid against each other, with the lowest bid winning the business.

  • Reverse auctions are often used for commodities or standardized products.

  • They can lead to cost savings for the buyer, but may not always result in the best quality or long-term supplier relationships.

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Q4. What is the difference between procurement and sourcing

Ans.

Procurement focuses on purchasing goods and services, while sourcing involves finding suppliers and negotiating contracts.

  • Procurement is the process of acquiring goods and services for a business or organization.

  • Sourcing is the act of identifying, evaluating, and selecting suppliers to provide goods or services.

  • Procurement involves the actual purchasing and payment for goods and services.

  • Sourcing involves activities such as supplier research, negotiation, and contract managem...read more

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Q5. Special savings project in previous organization

Ans.

Implemented a special savings project by optimizing supplier contracts and consolidating spend.

  • Analyzed supplier contracts to identify cost-saving opportunities

  • Consolidated spend across business units to negotiate better pricing

  • Implemented new procurement policies to ensure ongoing savings

  • Achieved $2M in annual cost savings

  • Collaborated with cross-functional teams to ensure project success

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Q6. What sourcing tools have you used

Ans.

I have experience using tools such as SAP Ariba, Oracle Procurement Cloud, and Jaggaer for sourcing.

  • SAP Ariba

  • Oracle Procurement Cloud

  • Jaggaer

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Q7. Have you done e-sourcing

Ans.

Yes, I have experience with e-sourcing tools and platforms.

  • Utilized e-sourcing tools to streamline procurement processes

  • Managed RFx processes through e-sourcing platforms

  • Analyzed supplier data and conducted negotiations online

  • Implemented e-sourcing strategies to drive cost savings

  • Trained team members on e-sourcing best practices

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Q8. Explain the sourcing process

Ans.

The sourcing process involves identifying, evaluating, and selecting suppliers to meet the needs of the organization.

  • Identify the needs and requirements of the organization

  • Research potential suppliers and evaluate their capabilities

  • Negotiate terms and conditions with selected suppliers

  • Finalize contracts and establish relationships with suppliers

  • Monitor supplier performance and make adjustments as needed

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