What is procurement?
As a practioner in procurement, I would share in this blog my experience & probably side 'knowledge gain' from colleagues, trainer & any good sources which related to procurement best practices.
Procurement is process of obtaining goods and services from preparation and processing of a requisition through to receipt and approval of the invoice for payment. It commonly involves (1) purchase planning, (2) standards determination, (3) specifications development, (4) supplier research and selection, (5) value analysis, (6) financing, (7) price negotiation, (8) making the purchase, (9) supply contract administration, (10) inventory control and stores, and (11) disposals and other related.
Its a process which consists of supply & works. In todays trend, procurement function play a very important role in ensuring maximum cost saving in organization's expenditure to achieve maximum profit.
I welcome any comments & suggestions to all my post as it is a learning process.
Warm regards,
Azmi Razali
Procurement Practitioner
