The Procurement Phase – Procurement as a Strategic Function

Week Seven – Procurement as a Strategic Function

 

Here is where we begin our procurement phase, our four week study of procurement as a strategic function.  In the next four weeks, we will learn the importance of procurement to an organization, and how its organizational structure contributes to a firm’s profitability and overall performance.  We will learn the importance of defining and specifying a business need, which is the catalyst for procuring a product or a service.  We will learn the importance of quality and why it is an important attribute in meeting the requirements set forth by the customer.  We will delve into new product development and understand the importance of technology in procurement.  Lastly, we will take an in depth look at inventory and policies in managing inventory stock through effective procurement strategy.