Procurement Management

Purchasing management is the management of purchasing process, and related aspects in an organization. Because of production companies purchase nowadays about 70% of their turnover, and service companies purchase approximately 40% of their turnover , purchasing management is one of the most critical areas in the entire organization and needs intensive management. Purchasing management also covers the areas of outsourcing and insourcing. Models used to aid purchasing managers include the Newsboy model as well as the Order up To (OUT) model.

Procurement management directs the flow of goods and services in a company and handles all data relating to contact with suppliers. Effective purchasing management requires knowledge of the supply chain, business and tax laws, invoice and inventory procedures, and transportation and logistics issues.

IPMS can provide a fully controlled procurement management by establishing a selection process with well-defined requirements, associated with contractual stages.

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