Procurement ObjectivesThe goals of your procurement practice in areas such as cost, time, quality, performance, risk, compliance and reputation. | Purchase RequestsAn interface for employees and teams to request procurement services. |
Purchasing RequirementsSpecifying what you need to buy. | Market ResearchDetermining what is available from markets. |
Price AnalysisDetermining a competitive price. | Quality AnalysisEvaluating differences in quality. |
Value AnalysisDetermining the best price for value that considers things like quality, performance and risk. | Supplier ShortlistDetermining what suppliers will be considered for a purchase. |
Bidding ProcessesCreating competition by soliciting proposals and bids. | Purchasing NegotiationNegotiating potential terms, prices and contracts with suppliers. |
Bid SelectionSelecting a supplier or purchasing option. | Purchasing ProcessThe process of actually purchasing things e.g. purchase orders. |
Repurchasing ProcessThe process of regularly repurchasing things. | Inventory ManagementManaging inventory levels. |
LogisticsManaging the delivery of products and services. | Supplier Performance ManagementMonitoring, evaluating and managing any issues with supplier performance. |
Supplier AuditsAuditing suppliers to ensure compliance. | Procurement Risk ManagementManaging risks related to procurement such as logistics and supply risks. |
Financial ProcessesSupporting accounting and financial reporting processes, particularly accounts payable. | RecordkeepingProcurement recordkeeping including all financial, process and audit trail information. |
Procurement ComplianceCompliance reporting and audits of the procurement process. |