Welcome to the new video of 10 Min of Supply Chain:

In this video, we delve into the intricacies of procurement in the supply chain, exploring the procurement process and cycle to gain a comprehensive understanding of its significance in modern business operations.

Understanding Procurement in the Supply Chain:
Procurement is the strategic process of acquiring goods, services, or works from external sources to fulfil organisational needs. Learn how procurement plays a pivotal role in supply chain management, driving efficiency, reducing costs, and ensuring timely acquisition of resources.

Exploring the Procurement Process:
Join us as we break down the procurement process into key stages, including needs identification, supplier selection, request for proposal, negotiation, purchase order issuance, goods receipt, invoice verification, and supplier performance evaluation. Gain insights into each stage's importance and best practices for successful procurement execution.

Unveiling the Procurement Cycle:
Discover the recurring series of activities involved in the procurement cycle, from planning and supplier identification to contract negotiation, order processing, invoice verification, and contract renewal. Explore how the procurement cycle ensures ongoing supply chain efficiency and effectiveness through continuous improvement and supplier collaboration.

Whether you're a supply chain professional, business owner, or procurement enthusiast, this video provides valuable insights into the fundamentals of procurement and its role in optimizing supply chain operations.

Don't miss out on this opportunity to expand your knowledge and enhance your understanding of procurement in the supply chain. Watch the full video now and embark on a journey through the world of procurement excellence!

Like, comment, and subscribe to our channel for more educational content on supply chain management, logistics, and business operations. Stay tuned for upcoming videos exploring the latest trends and best practices in the dynamic world of supply chain management.

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