Stanza Living Interview Questions, Process, and Tips

I am currently handling the procurement of electronic components for our company's manufacturing process.

• Managing supplier relationships for electronic components

• Negotiating prices and terms for bulk purchases

• Ensuring timely delivery of components to meet production deadlines

My current CTC is $80,000 and I am expecting a 10% increase in my next role.

• Current CTC: $80,000

• Expected increase: 10%

• Expected CTC: $88,000

I evaluate suppliers based on their quality, reliability, cost-effectiveness, and communication.

• Assess supplier's track record for delivering quality products/services

• Evaluate supplier's reliability in meeting deadlines and commitments

• Compare costs and pricing structures with other potential suppliers

• Consider supplier's communication skills and responsiveness to inquiries

• Conduct site visits or audits to assess supplier

P2P process refers to Procure-to-Pay process which involves the steps from requisition to payment for goods or services.

• P2P process starts with a requisition being made by a user or department for goods or services needed.

• The requisition is then approved by the appropriate authority before being converted into a purchase order.

• The purchase order is sent to the supplier, who then delivers the goods or services.

• Upon rece...read more

I manage suppliers by establishing strong relationships, setting clear expectations, monitoring performance, and continuously improving processes.

• Establish strong relationships with suppliers through regular communication and feedback

• Set clear expectations regarding quality, delivery timelines, and pricing

• Monitor supplier performance through key performance indicators (KPIs) and regular audits

• Continuously improve proce...read more

I track inventory levels using a combination of software systems, manual counts, and regular audits.

• Utilize inventory management software to track real-time inventory levels

• Conduct regular physical counts of inventory to compare with system records

• Implement barcode scanning or RFID technology for accurate tracking

• Perform regular audits to identify discrepancies and improve accuracy

Currently using SAP ERP software for procurement processes.

• Using SAP ERP software for procurement activities

• Familiar with SAP modules such as MM (Materials Management) and SRM (Supplier Relationship Management)

• Experience in customizing SAP for specific procurement needs

I rate myself as highly proficient in Microsoft Excel, with advanced skills in data analysis, formulas, and macros.

• Proficient in creating complex spreadsheets for data analysis

• Skilled in using advanced formulas and functions

• Experienced in creating and running macros for automation

• Familiar with data visualization tools like charts and graphs

Supplier selection criteria in our organization include quality, cost, delivery time, reliability, and sustainability.

• Quality of products/services provided by the supplier

• Cost competitiveness of the supplier

• Delivery time and reliability of the supplier

• Supplier's track record and reputation for reliability

• Sustainability practices of the supplier

• Ability to meet specific requirements and standards set by the organization

Landed cost in procurement refers to the total cost of a product once it has arrived at its destination, including all expenses incurred during the shipping process.

• Landed cost includes the cost of the product, transportation fees, customs duties, taxes, insurance, and any other expenses related to getting the product to its final destination.

• It is important for procurement engineers to consider landed cost when making...read more

I negotiate with suppliers by building strong relationships, understanding their needs, and finding mutually beneficial solutions.

• Establish clear communication channels with suppliers

• Understand the supplier's needs and constraints

• Focus on creating win-win solutions

• Be prepared to walk away if necessary

• Use data and market research to support negotiation points

Contracts in procurement are managed through careful negotiation, monitoring, and communication.

• Negotiate terms and conditions with suppliers to ensure favorable outcomes for both parties.

• Monitor contract performance to ensure compliance with agreed-upon terms and conditions.

• Communicate regularly with suppliers to address any issues or changes in the procurement process.

• Document all contract-related activities and main...read more