Interested in procuring complex and highly technical materials, equipment and services on a competitive basis? Scan the QR code or click the link to apply for ‘Procurement Specialist’ today! https://lnkd.in/g2vbt_vK
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🌟 **Purchase Requisition vs. Purchase Order** 🌟 Ever wondered about the difference between a Purchase Requisition and a Purchase Order? Let's break it down: 📝 **Purchase Requisition:** - It's the first step in the procurement process. - An internal request made by employees or departments. - Outlines details like quantity, description, and specifications. - Requires approval from authorized personnel. 📦 **Purchase Order:** - The official document issued to suppliers. - Confirms details like items, quantities, prices, and delivery dates. - Serves as a legal commitment to purchase. - Authorizes suppliers to fulfill orders and initiates invoicing and payment. Understanding these documents is crucial for efficient procurement operations.
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Recent Operations and Supply Chain Management Graduate | Dedicated to Efficiency and Process Optimization | Eager to Contribute and Learn in the Industry
I'm sharing insights on the procurement process from PR to payment. It involves various key steps: 1. Purchase Requisition (PR): - Initiated by department heads or managers with specified requirements. - Approved by authorized personnel. 2. Purchase Order (PO): - Created from PR with vendor details, prices, and terms. - Approved by procurement manager. 3. Supplier Selection: - Research, evaluation, and shortlisting of potential vendors based on quality, price, and reliability. 4. Order Placement: - PO sent to selected vendor with confirmation of order receipt. 5. Goods/Services Receipt: - Physical receipt, inspection, and verification of quality and quantity. 6. Invoice Receipt: - Vendor submits invoice, reviewed for accuracy. 7. Invoice Verification: - Details verified against PO and receipt, discrepancies resolved. 8. Payment Processing: - Invoice approved and payment processed. 9. Payment: - Payment made to vendor with status update in the procurement system. This structured process ensures transparency and efficiency in the procurement cycle.
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𝗥𝗮𝘄 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗣𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝗲𝗽𝘀 An effective raw material procurement is a series of steps and can be carried out by following the below-mentioned steps. We have listed the steps that are broadly followed in most organizations. Let’s understand the basic steps further: 𝟭. 𝗥𝗲𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴: This stage includes preparing and submitting requisitions for the required raw materials. The requisitions must include details such as quantity, quality, delivery date, and other necessary details. 𝟮. 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗶𝗻𝗴: At this stage, the procurement leaders plan and schedule the process. This includes identifying potential suppliers, fixing delivery dates, and more. 𝟯. 𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗼𝗻: This stage includes negotiating with the suppliers with respect to price, quality, delivery time, etc. 𝟰. 𝗢𝗿𝗱𝗲𝗿 𝗽𝗹𝗮𝗰𝗲𝗺𝗲𝗻𝘁: Once the negotiations are complete, the order is placed with the supplier. 𝟱. 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗶𝗻𝘀𝗽𝗲𝗰𝘁𝗶𝗼𝗻: At this stage, the raw material that is procured is inspected for quality and quantity. 𝟲. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗼 𝘁𝗵𝗲 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿: If the raw material meets the set standards, then the payment is processed to the supplier based on the contract terms. #Raw #Material #Procurement
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You know procurement buyers are critical to the industry. But what does a procurement buyer do, exactly? And what are the skills and certifications required to become one? Check out our latest blog post to read our procurement buyer job description, along with educational requirements, key skills, and more. https://hubs.li/Q02G7tHf0
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SAP MM Functional Consultant | SAP Material Management, SAP S4HANA Cloud | Cegid Retail Consultant, Omnichannel Cegid Retail
𝙇𝒆𝙩'𝒔 𝒅𝙞𝒔𝙘𝒐𝙫𝒆𝙧 𝙨𝒐𝙢𝒆 𝑺𝘼𝑷 𝑭𝙞𝒐𝙧𝒊 𝑨𝙥𝒑𝙨 𝙢𝒂𝙩𝒆𝙧𝒊𝙖𝒍𝙨 𝙢𝒂𝙣𝒂𝙜𝒆𝙢𝒆𝙣𝒕 🌸💻 𝖯𝗋𝗈𝖼𝗎𝗋𝖾𝗆𝖾𝗇𝗍 𝖮𝗏𝖾𝗋𝗏𝗂𝖾𝗐 (𝗔𝗽𝗽 𝗜𝗗 𝗙𝟭𝟵𝟵𝟬) The Procurement Overview provides a snapshot of the most crucial information and tasks relevant to you at the moment. It presents this information through a series of actionable cards, allowing you to concentrate on key tasks, make quicker decisions, and take immediate action. These cards are organized by relevance, showcasing essential details. For instance, the 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝘀 card displays consumption levels and expiration dates for each contract, enabling you to update a contract directly by selecting it. You can utilize the global filter to refine the Procurement Overview based on criteria such as supplier or material group. This filter helps you view urgent contracts, purchase requisitions, or spend information that meets the specified criteria. For list cards, clicking on the card header will take you to the associated app, while selecting an individual item will provide more detailed information about that item.
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𝗥𝗮𝘄 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗣𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝘁𝗲𝗽𝘀 An effective raw material procurement is a series of steps and can be carried out by following the below-mentioned steps. We have listed the steps that are broadly followed in most organizations. Let’s understand the basic steps further: 𝟭. 𝗥𝗲𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴: This stage includes preparing and submitting requisitions for the required raw materials. The requisitions must include details such as quantity, quality, delivery date, and other necessary details. 𝟮. 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗶𝗻𝗴: At this stage, the procurement leaders plan and schedule the process. This includes identifying potential suppliers, fixing delivery dates, and more. 𝟯. 𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗼𝗻: This stage includes negotiating with the suppliers with respect to price, quality, delivery time, etc. 𝟰. 𝗢𝗿𝗱𝗲𝗿 𝗽𝗹𝗮𝗰𝗲𝗺𝗲𝗻𝘁: Once the negotiations are complete, the order is placed with the supplier. 𝟱. 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹 𝗶𝗻𝘀𝗽𝗲𝗰𝘁𝗶𝗼𝗻: At this stage, the raw material that is procured is inspected for quality and quantity. 𝟲. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗼 𝘁𝗵𝗲 𝘀𝘂𝗽𝗽𝗹𝗶𝗲𝗿: If the raw material meets the set standards, then the payment is processed to the supplier based on the contract terms. #Raw #Material #Procurement
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Here is a concise summary of the key steps in an effective procurement process: 1. **Procurement Planning:** Assess needs, analyze data, evaluate trends, and define the plan and strategy. Obtain approvals. 2. **Purchase Requisition:** Ensure approvals before initiating a request. 3. **Supplier Identification:** Evaluate based on quality, delivery, reputation, and sustainability. Shortlist qualified suppliers. 4. **Request for Quotation (RFQ):** Issue to shortlisted suppliers, providing all necessary details. 5. **Bid Evaluation:** Appraise quotes based on cost, delivery terms, etc. Finalize supplier(s) after negotiations. 6. **Purchase Order and Contract:** Release order and establish a formal contract, outlining all terms. 7. **Receiving and Invoice Processing:** Inspect goods, document issues, process invoices after verification. Maintain records. Effective implementation of these steps, alongside ongoing supplier relationship management, can help achieve cost savings, ensure supply chain reliability, and maintain compliance.
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SAP S/4HANA EXPERT CONSULTANT / +50K SAP Followers / I help SAP Community for free on LinkedIn and YT with my tutorials
Service and Material Procurement - Project-Based Services scope item covers all relevant procurement processes of the professional services scenario. Possible procurement subprocesses are: Service procurement - an external service is ordered. The external service company confirms the purchase order and performs the service. The supplier posts the expenses back. A supplier invoice is created and processed. Material procurement for consumption - a consumption material is requested from a customer or internal project and a purchase order is created and sent to the supplier. The supplier sends the material to the company, and the goods receipt is checked. Finally, the supplier invoice is created and the invoice is paid. Procurement for third-party order processing - a material is ordered by the purchaser of the ordering company for an end customer from a supplier. The supplier ships the material directly to this end-customer.
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Job Responsibilities: 1) Responsible for the following category spends: BMR Projects, Technical Consumables, Utilities, Technical Equipment – Local and General Services Contracts and Develop and maintain constructive and cooperative working relationships with colleagues and management 2) Analyze procurement requirements and select the most appropriate methods based on interpretation and assessment of established policies, practices, and experience. Comply with and maintain knowledge of applicable rules, legislation, regulations, standards, and best practices. 3) Analyze procurement requirements and select the most appropriate methods based on interpretation and assessment of established policies, practices, and experience. Resolve supply, quality, service and invoicing issues with vendors 4) Assist in the development of specifications for equipment, materials, and services to be purchased and coordinate with Finance/Accounts team to release vendor payment on time 5) Use different sources to find out the potential suppliers of daily consumable items Develop and maintain constructive and cooperative working relationships with colleagues and management and Develop alternate suppliers to eliminate monopolistic position of existing suppliers 6) Seek quotations from different suppliers for comparative bidding process & conduct negotiation to achieve competitive pricing and supervise bid evaluation committees, ensure the integrity of the competitive process, facilitate bidder de-briefings, and exercise appropriate judgment and tact while ensuring to protect confidential information 7) Forward the comparative bidding to end users for technical evaluations and Receive invoices from the suppliers and forward the same to account department for payment and reconcile or resolve value discrepancies and seek confirmation of material acceptance and rejection from Warehouse and Quality departments 8) Prepare minute sheet against approved Comparative Statements according to company policies and follow up with suppliers to achieve on-time availability of material at plant and ensure. Purchase Orders are raised on time and approved as per Company policy / procedures and Undertake any other ad-hoc duties as assigned by Management. #faujifoods #wearehiring #procurementofficer #supplychain
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# Procurement Diary: Understanding Procurement Essentials i.e. RFP, REQ & RFQ 1. RFP (Request for Proposal): Seeks comprehensive proposals for complex projects, evaluating solutions, qualifications, timelines, and pricing. 2. REQ (Requisition): Internal document requesting purchase of goods/services, specifying needs, quantity, and budget. 3. RFQ (Request for Quotation): Requests price quotes for straightforward purchases, comparing prices for informed decision making Important points which differentiate these 3R's: 1. RFP focuses on solutions, RFQ on pricing, and REQ on internal requests. 2. RFP and RFQ are external documents, while REQ is internal. When to use these3R's: 1. RFP: Complex projects, customized solutions. 2. RFQ: Straightforward purchases, clear specifications. 3. REQ: Internal purchasing requests. Benefits of these 3R's: RFP: Encourages innovation, solutions. RFQ: Efficient pricing comparison. REQ: Streamlines internal procurement process.
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