All procurement processes and what are the best practices

Question

Accepted Answer

Procurement processes include sourcing, supplier selection, contract negotiation, and supplier management.

Sourcing: Identifying potential suppliers and obtaining quotes or proposals.
Supplier selection: Evaluating suppliers based on criteria such as price, quality, and reliability.
Contract negotiation: Negotiating terms and conditions with selected suppliers.
Supplier management: Monitoring supplier performance and maintaining relationships.
Best practices: Implementing strategic sourcing, conducting regular supplier evaluations, leveraging technology for efficiency, and fostering collaboration with stakeholders.
Example: Implementing e-procurement systems to streamline purchasing processes and reduce costs.

Accepted Answer

As per regular practice when requirement is received first to be identify the material is IBR approved, critical and to be check any specific materials required or regular item. Then we have to ask for Offer with particular specifications for atleast 3-4 offers. To be checked last price, if the price is same or any difference is there we have negotiate with them from price to transport i.e. Price, GST, Delivery time P&F charges Freight Charges & Payment, if any warranty that also to be negotiated.

All procurement processes and what are the best practices

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