Smart procurement management is essential practice to ensure the efficient acquisition of commercial components, goods and services from external parties. Procurement management ensures that all items and services are properly acquired so that projects and processes can proceed efficiently and successfully. In short, proper procurement management is mandatory to avoid costly delays and errors.
Specification and planning in form of a cohesive procurement plan and technical specification about what services and goods will be needed, whether internally and externally, is key to ensuring that the next Project steps go as smoothly as possible.
Identifying and selecting potential suppliers, if not already known, is a research and identification activity carried out making sure they can meet our project needs. Vendor selection criteria include costs, delivery times, social and environmental responsibility, safety, service and support, and quality control. STC may rely on long relationships with key suppliers so that the procedure is normally quite fast.
Proposal Requesting, Negotiating, and Contracting activities are carried out smoothly and quickly having clearly communicated in advance our Project requirements, technical specification, inspection and testing plan, delivery timelines, payment details, and so on.
Expediting, control and testing of the supplier activities through regular meetings and inspections is important to ensure careful delivery tracking, review of all orders against established specifications and quality standards. Final testing and acceptance, including documents control, are carried out by STC engineers in due time.
Measurement and analysis of the entire procurement process using an established system of key performance indicators will help in assessing the efficacy, cost efficiency, speed, and overall success of the whole process. Identification of any areas for improvement will help in securing the success of future projects.