Grand Performance Procurement Risk Management

Risk is an essential part of business as we know it is a reality that has to be faced by every organizations without risk no business can exist in the market, for growth , opportunities, and to compete in the market companies need to take chances.

Not an Option, But a Necessity

In today's global, dynamic economy, it is beneficial for companies to operate a supply chain that is both Lean and agile. Using Lean and agile in combination is known as a hybrid supply chain strategy.

5 Most Powerful Techniques of Procurement Cycle

Authored by  Junaid Khan 

Management in any company must understand the art of purchasing products and services. The planning, purchasing and marketing are the key stages of good procurement exercise. The procurement cycle follows specific steps for identifying a requirement or need of the company through the final step of the award of the product or contract. For every procurement project, a formal and professional procurement process will save time, save money and reduce risk. Responsible management of public and corporate funds is vital when handling this necessary process, whether in strong or weak economic markets. Many businesses use automated tools such as an Enterprise Resource Planning (ERP) system and Electronic Data Interchange (EDI) to assist procurement specialists or buyer with the buying activities. Regardless of whether an automated system is used, the goal of the procurement process is to buy the exact product or service when needed for the most favorable price. Following are ten proven step by step techniques through which an organization can successfully achieve their goals.

Managing Procedures & Resources through ERP

Now in the fast growing world most of the developing industries need managing procedures and managing resources in a systematic way.it is very basic need of the companies and industries to have a specific tool to help and coordinate specific activities and tasks.

Relationship of Buyers with Vendors Attenuate Purchasing Risks

Authored by Fahad Amjad

Buyers should encourage vendors to mitigate risks themselves by including a risk management element in the overall sourcing process. Managers could give themselves a basis for shortlisting vendors in a tendering process by incorporating a risk management  element requests for proposals (RFP), asking vendors how they would stop risks transpire and how they would reduce the impact if they did happen.

Global Sourcing Strategy – Could be Game Changing for Procurement Department

Authored by Usama Shahid

Implementing a successful global sourcing strategy is very different than sourcing from a foreign supplier which is a short-term solution.

Risk Anticipation and Rapid Mitigation in Supply Chain

Speed of response is a critical capability of dynamic supply chains and the key to mitigating risk and swiftly implementing the changes that will make the supply chain still more resilient. But response time hinges on the company’s ability to proactively identify high-risk events, and to decide whether to design the operation to flex to known risks—those that are unpredictable but relatively more likely to occur—or to have contingency plans for the unknowable—risks that are unlikely to occur but are potentially catastrophic.