The specific
areas of concern that needs to be understood from procurement’s perspective
while procuring goods for the company.
Product specification
Understanding
the basic product specifications like origin of product, brand, unit of measure
and the quantity before procuring the products is essential in getting the
required quote from various suppliers for the product requirements.
Ordering
to best Supplier
Quotations sought for the required products from various suppliers
and based on the quote received from various suppliers, the best price
regardless of how many suppliers have quote will be considered for ordering the
required material.
Timelines
It is mandatory
to meet the timelines for product deliveries. It has an operational implication
if the timelines are not met and the very purpose of purchasing the required
product is defeated.
Payment Terms
It is essential
to mention the agreed payment terms when a Purchase Order is raised, as this
document is an official confirmation order and also serves as a mutual acceptance
for the terms and conditions stated.
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