Procurement in Operations Management

Most businesses are reliant on procurement to facilitate their day to day operations. Procurement in operations management refers to the process by which the required materials, products or resources are obtained, in order to be processed, stored or passed on to the customer. Procurement efficiency is determined by a number of key contributory factors – all of which have a marked effect on the wider business. Minimising expenses and maximising revenues often begins with strategic procurement of the required resources. Regardless of the size or type of the business, optimised procurement operations can be uniquely advantageous.

Discover what it is that makes efficient procurement in operations management so important with this exclusive tutorial. Study the primary purpose and goals of procurement, along with how to choose suppliers and monitor their performance for the benefit of your own business. Explore a breakdown of the procurement cycle, the various types of purchase involved in procurement, logistical interfaces and how to match a manufacturing strategy with current market requirements.