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How To Improve Inventory Procurement Practices 

   
2018-03-02 
Tekoa Software 
   
The procurement process can be found in a number of different businesses in a variety of industries. The procurement process includes supplier vetting, smart buying, ordering and receiving merchandise, and reconciling the difference between receipt and invoice costs. 

The benefits of the procurement process in today's global enterprises is that allows companies to research a number of different companies and look at their options. Today, we usually don't have to settle with one business to provide us with your needs and wants we have a number of businesses competing for our money and attention.

Vendor Vetting

The first step of the procurement process is supplier vetting which focuses on obtaining the supplier that will satisfy your needs but also offering the lowest price possible. For example, Tekoa works with companies that either distribute or supply energy such as natural gas or electricity. When they are deciding what supplier to work with they have to make sure that the supplier satisfies their needs as well as their customers. Tekoa has to research which supplier matches best with their expectations and of all the parties involved.

Brainy Buying

Smart buying is the second step in the procurement process. Smart buying involves spending time with the suppliers that you have been researching and deciding which one offers what you are looking for at the best price. This either involves accepting the price that they give you or negotiating a price with them. The reason why research was done on the suppliers was to save money in the long run. 

For instance, when you when you are looking to purchase a car you research cars and what you need a car to have. You are also looking at options within your budget. This involves narrowing your options to a car that has the majority of your needs as well as a low price with a good quality car that will last you in the long run.

Optimized Ordering

Ordering is something that the millennial generation as well as the older generations are very familiar with. Purchasing goods online or in store is something that people do almost on a daily basis. With Tekoa the ordering process involves setting up the customer with the supplier and making sure that the customer has everything that they need to make sure that they will receive the service or goods that they have or will be paying for.

Quality Queue

The receiving process is when you are receiving what you paid and are satisfied with the company and the service or good that you are receiving. This involves the price, the quality and your satisfaction. The receiving part doesn't just involve the beginning of the service but also throughout the time that you are with that company. 

Receipt Reconciliation

The final step to the procurement process is the reconciling the difference between receipts and invoices. Well to begin do we know the difference between receipts and invoices? Oxford Dictionaries defines receipt as printed statement acknowledging that something has been paid for or that goods have been received. The definition that they gave for invoices was a bill. When looking at either the invoice or the receipt you need to make sure that you are paying or being charged for the agreed upon amount. This is something that needs to be done to make sure that the company that you picked is keeping their word and offering you what you paid for. 

The procurement process is something that is changing how people purchase services and/or goods. The reasons why global enterprises are benefiting from this is because either a company has more options or it is a company that is benefiting from the procurement process and getting chosen by the client. This is a very essential process in the business world in order to save money and ensure the best quality product/service. 

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