What are the tools of purchase?

Question

Accepted Answer

The tools of purchase include procurement software, supplier databases, negotiation techniques, and market research.

Procurement software: Helps streamline the purchasing process by automating tasks such as supplier selection, purchase order creation, and inventory management.
Supplier databases: Provide information about potential suppliers, their capabilities, and their track record, aiding in supplier evaluation and selection.
Negotiation techniques: Skills and strategies used to negotiate favorable terms, prices, and contracts with suppliers.
Market research: Gathering and analyzing data on market trends, prices, and supplier performance to make informed purchasing decisions.
Other tools: Purchase requisition systems, e-procurement platforms, contract management software, and spend analysis tools.

Accepted Answer

Jit,sop,p2p,B2B,

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