Academy of Procurement

  Procurement management is fundamental to supply chain operations because it encompasses the activities involved in procuring goods and services from third-party sources. It is an essential aspect that influences an organisation's capacity to offer products or services efficiently. In supply chain management, procurement is essential for several reasons. To begin, it guarantees that the required supplies and services are procured at the proper timing, quantity, and cost to meet production and operating demands. Effective procurement helps control costs by negotiating favourable terms with suppliers, optimising inventory levels, and managing supplier relationships.   One important part of procurement is strategic sourcing.   This includes identifying and selecting suppliers based on criteria such as quality, dependability, pricing, and innovation. Strategic sourcing aims to build long-term partnerships with suppliers that align with the organisation's goals and value...