answersLogoWhite

0

Procurement plays a critical role in organizational growth by ensuring that the organization has the necessary resources, goods, and services to operate efficiently. Effective procurement practices can result in cost savings, improved quality, and timely delivery of goods, which in turn can lead to increased productivity, profitability, and competitiveness. By strategically managing procurement processes, organizations can fuel their growth and achieve their long-term goals.

User Avatar

AnswerBot

1y ago

What else can I help you with?

Related Questions

What are advantages of procurement plan?

Better align of procurement strategies with organizational objectivesimproved procurement advantagesBetter value for money outcomesbetter planning and risk management


Who is the immediate boss of a procurement officer?

The immediate boss of a procurement officer is typically the procurement manager or director, depending on the organizational structure. This individual oversees the procurement department and is responsible for guiding procurement strategies, policies, and operations. In some organizations, the procurement officer may report directly to a chief financial officer (CFO) or another senior executive.


What are the two branches in the Government Purchase Card organizational hierarchy?

Acquisition/Procurement hierarchy and Financial hierarchy


What are the two branches in the Government Purchase Card (GPC) organizational hierarchy?

Acquisition/Procurement hierarchy and Financial hierarchy


What is Procurement audit?

A procurement audit is a systematic review of an organization's procurement processes, practices, and compliance with established policies and regulations. It assesses the effectiveness, efficiency, and transparency of procurement activities, ensuring that resources are acquired in a cost-effective manner. The audit helps identify areas for improvement, mitigate risks, and enhance overall procurement performance. Ultimately, it aims to ensure that procurement activities align with organizational goals and deliver value.


What is a procurement mandate?

A procurement mandate is an authoritative directive or policy that outlines the procedures and guidelines for acquiring goods and services within an organization. It establishes the roles, responsibilities, and frameworks for procurement activities, ensuring compliance with legal, financial, and organizational standards. This mandate aims to streamline processes, enhance efficiency, and promote transparency in procurement practices.


What is organizational change?

Organizational change is a change that affects the entire organization. This can be something as simple as the reporting process.


How does organizational culture impacts on productivity and job satisfaction?

how does organisation culture affects productivity


How the hypothalamus affects growth?

regulates excretion of GH(Growth Hormone)


What are forms of procurement?

Good question. In business, forms of procurement usually refer to the different ways organizations acquire goods, services, or works. Procurements can be classified based on supplier selection method, purchasing approach, or contract structure. Common Forms of Procurement Direct Procurement Purchasing raw materials, components, or items directly used in production (e.g., manufacturing inputs). Indirect Procurement Acquiring goods and services that support operations but are not part of the final product (e.g., office supplies, IT services). Goods Procurement Buying physical products such as equipment, machinery, or consumables. Services Procurement Engaging third parties for professional or operational services (consulting, logistics, maintenance, marketing, etc.). Works Procurement Contracting construction or infrastructure-related activities (buildings, civil works, installations). Procurement Based on Supplier Selection Open Tendering Any qualified supplier can bid; it promotes competition and transparency. Restricted / Selective Tendering Only pre-qualified or invited suppliers participate. Single-Source/Sole Procurement Purchasing from one supplier due to specialization, urgency, or compatibility needs. Request for Quotation (RFQ) Used for standardized, low-complexity purchases, usually price-focused. Request for Proposal (RFP) Used for complex purchases where technical capability and approach matter. Procurement Based on Strategy Local Procurement Sourcing from domestic suppliers to reduce lead time or support local industry. Global Procurement Sourcing internationally for cost advantages, technology, or capacity. Strategic Procurement Long-term, value-driven sourcing aligned with business goals. Spot/Tactical Procurement Short-term or urgent purchasing to meet immediate needs. In the working area, companies use a mix of these forms depending on cost, risk, urgency, complexity, and compliance requirements.


What is controlling procurement performance?

Controlling procurement performance involves monitoring and managing the efficiency and effectiveness of the procurement process to ensure that it aligns with organizational goals. This includes assessing key performance indicators (KPIs), such as cost savings, supplier performance, and compliance with contracts. Regular reviews and audits help identify areas for improvement and optimize supplier relationships. Ultimately, effective control of procurement performance enhances value and reduces risks within the supply chain.


Does water affects a plants growth?

yes