This involves identifying potential suppliers who can meet the organization's requirements for quality, cost, and delivery. Sourcing may involve conducting market research, issuing requests for proposals (RFPs), and evaluating supplier capabilities.
Negotiating favorable terms and pricing with suppliers is a crucial aspect of procurement. This includes determining pricing structures, payment terms, and service level agreements (SLAs) to ensure that both parties benefit from the arrangement.
Once agreements are reached with suppliers, procurement professionals are responsible for managing contracts throughout their lifecycle. This includes monitoring supplier performance, enforcing contract terms, and resolving any disputes that may arise.
Building and maintaining strong relationships with suppliers is essential for long-term success in procurement. Effective SRM involves regular communication, performance reviews, and collaboration to drive continuous improvement and innovation.
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