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What is Procurement? Procurement is obtaining or purchasing goods or services, typically for business purposes. Procurement is most commonly associated with businesses because companies must solicit services or purchase goods, usually on a relatively large scale. It can also include the overall procurement process, which is critically important for companies leading up to a final purchasing decision. Companies can be on both sides of the procurement process as buyers or sellers though here we mainly focus on the side of the soliciting company. #Procurement #Purchase #Snowtex #Sara #Didarulislam #Bangladesh #Dhaka #Didarulislam

𝗕𝗲𝗴𝗶𝗻 𝗬𝗼𝘂𝗿 𝗣𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗝𝗼𝘂𝗿𝗻𝗲𝘆 𝘄𝗶𝘁𝗵 𝗜𝗻𝗱𝘂𝘀𝗸𝗮𝗿𝘁. Begin Your Procurement Transformation with Induskart: Explore Over 500,000 SKUs for Every Industry Need. At Induskart, we understand the critical role that a seamless procurement process plays in driving operational efficiency and cost-effectiveness. This is why we offer an extensive range of over 500,000 SKUs, catering to the diverse needs of various industrial sectors. Our vast inventory ensures that you have access to the highest quality products, enabling you to meet your operational requirements without compromising on reliability. 𝗖𝗵𝗼𝗼𝘀𝗲 𝗜𝗻𝗱𝘂𝘀𝗸𝗮𝗿𝘁 𝗳𝗼𝗿 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝘀 𝗮𝗻𝗱 𝗘𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗣𝗲𝗮𝗰𝗲 𝗼𝗳 𝗠𝗶𝗻𝗱 𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗥𝗮𝗻𝗴𝗲: With over 500,000 SKUs, we provide an unparalleled variety of industrial supplies. This extensive range ensures that we can meet the specific needs of OEMs, manufacturing sectors, pharma companies, oil and gas industries, and MEP contractors. 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗥𝗲𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Every product in our inventory is sourced from trusted manufacturers and rigorously tested to ensure it meets the highest standards of quality and reliability. This commitment to excellence ensures that you receive only the best products for your operations. 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝗮𝗻𝗱 𝗖𝗼𝘀𝘁-𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀: By streamlining your procurement process with Induskart, you can achieve significant savings in both time and cost. Our efficient supply chain management and competitive pricing allow you to maximize your procurement budget without sacrificing quality. 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘂𝗽𝗽𝗼𝗿𝘁: Our team of procurement experts is always ready to assist you in finding the right products for your needs. We provide personalized support to help you navigate our extensive inventory and select the best solutions for your business. Join the Many Businesses That Have Transformed Their Procurement Process with Induskart Over the last 15+ years many businesses across various sectors have already experienced the benefits of partnering with Induskart for their procurement . 𝗙𝗿𝗼𝗺 𝗲𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝘁𝗼 𝘀𝘂𝗯𝘀𝘁𝗮𝗻𝘁𝗶𝗮𝗹 𝗰𝗼𝘀𝘁 𝘀𝗮𝘃𝗶𝗻𝗴𝘀, 𝗼𝘂𝗿 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗵𝗮𝘃𝗲 𝘀𝗲𝗲𝗻 𝗮 𝗺𝗮𝗿𝗸𝗲𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗺𝗲𝗻𝘁 𝗶𝗻 𝘁𝗵𝗲𝗶𝗿 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀. Discover the Strength of Our Network and the Industries We Serve at https://lnkd.in/dyNxWfXt 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗨𝘀 𝗧𝗼𝗱𝗮𝘆 Contact us today to learn how our comprehensive solutions can help your business achieve cost savings, consistent quality, and innovation. 📞 Call us at +91 91 99787 96000 📧 Email: info@induskart.com 🌐 Website: https://induskart.co.in #Procurement #IndustrialSupplies #Induskart #Efficiency #Quality #Reliability #IndustrialSolutions #CostEffectiveness #OEMs #Manufacturing #Pharma #OilAndGas #MEPContractors

If you're a procurement professional and want to elevate the success and functional effectiveness of your procurement department then, MVIKAS Technologies Pvt. Ltd. will help you plan the complete procurement strategy from planning the purchase of materials to inventory restocking. From identifying the need about when to place an order to how many units of each product are needed to restock your inventory? We will plan the complete Procurement function of your business. Learn more: https://www.mvikas.in/ #mvikas #procurement #procurementprofessionals #procurementstrategy #supplychainmanagement #supplychainbusiness #solution #management

Mid-week quiz: 1. How easy, comprehensive, secure and integrated is your procurement platform for your suppliers? 2. Do you feel that your complex RFQ system may be eating value in your procurement process? 3. Do you prefer to send RFQs by email, so that your suppliers are at ease? If you want to stay up-to-date with us, follow our Page.

1. How easy, comprehensive, secure and integrated is your procurement platform for your suppliers? 2. Do you feel that your complex RFQ system may be eating value in your procurement process? 3. Do you prefer to send RFQs by email, so that your suppliers are at ease? If you want to stay up-to-date with us, follow our Page.

Simple RFQ process is the first and most important stage of better engagement with your suppliers. Any thoughts... #procurEngine #B2B #eProcurement #Simplify

Mastering Procurement: Effective Material Classification Strategies. Efficient procurement starts with proper classification of materials. Here are some common methods to streamline your sourcing, inventory management, and cost control: 1- ABC Analysis A Items: High-value, low-frequency items needing tight control. B Items: Moderate-value, moderate-frequency items with standard control. C Items: Low-value, high-frequency items with minimal control. 2- Purpose-Based Classification Raw Materials: Basic production inputs. Work-in-Progress (WIP): Partially finished goods. Finished Goods: Ready-for-sale products. MRO Items: Maintenance and repair essentials. 3- Commodity-Based Classification Commodities: Standardized bulk items. Specialty Items: Custom or unique specifications. 4- Criticality-Based Classification Critical Items: Essential for operations; high disruption risk if unavailable. Non-Critical Items: Important but low disruption risk. 5- Source-Based Classification Direct Materials: Directly used in production. Indirect Materials: Support production process. 6- Usage Frequency Classification High-Usage Items: Frequently used, need constant monitoring. Low-Usage Items: Infrequently used, managed with periodic reviews. 7- Vendor-Based Classification Single-Source: Sourced from one supplier. Multi-Source: Available from multiple suppliers. 8- inventory Strategy-Based Classification Just-In-Time (JIT): Ordered as needed. Safety Stock: Reserve stock for unexpected demand. 9- Value and Volume-Based Classification High-Value, Low-Volume: Expensive but infrequently purchased. Low-Value, High-Volume: Inexpensive but frequently purchased. Steps to Classify Procurement Materials: - Identify and List All Materials. - Determine Classification Criteria. - Analyze Historical Data. - Segment Materials. - Assign Management Strategies. - Review and Adjust Regularly. By effectively classifying procurement materials, you can optimize inventory levels, reduce costs, improve supplier relationships, and enhance overall supply chain efficiency. #Procurement #SupplyChain #Logistics #InventoryManagement #BusinessOptimization

Stock and Non-Stock Procurement: Stock procurement involves the acquisition, storage, and management of materials that are kept in inventory for future use. These materials include raw materials sourced from the primary sector, components manufactured from raw materials by the secondary sector, and finished goods stocked by retail stores for sale to consumers. Stock procurement requires careful management to balance cost and continuity of supply. On the other hand, non-stock procurement does not involve storing materials within an organization. These items are typically one-off capital purchases and are not listed in an organization’s inventory. Non-stock procurement may include intangible items that cannot be physically stocked, such as services procured from the tertiary sector like training services, banking services, security, etc. Examples of Stock Material: -Raw materials like wood, metal ores, or agricultural produce -Components such as screws, bolts, electronic chips used in manufacturing processes. -Finished goods like clothing, electronics, or packaged food products. Examples of Non-Stock Material: -Cleaning services provided by external vendors. -Telephone systems installed by third-party providers. -Internet contracts with service providers. -Organizational insurance policies. -Advertising campaigns managed by marketing agencies. In summary, stock procurement involves tangible materials stored for future use in production or sale, while non-stock procurement includes one-time purchases or intangible services that are not held in inventory #StockProcurement #NonStockProcurement #ProcurementManagement #SupplyChain #InventoryManagement #Purchasing #Sourcing #SupplierManagement #Logistics #CostEfficiency #Procurement_Hub

Procurement Best Practices for SMBs: An effective procurement process strengthens your supply chain and enables growth. Learn why small businesses should approach procurement strategically. http://dlvr.it/T8ny2H #Timnath #Colorado #TimnathChamber

Basics of purchasing and sourcing