1. Vendor Management:
• Identify, evaluate, and select suppliers based on criteria such as cost, quality, reliability, and ethical considerations.
• Establish and maintain strong relationships with key suppliers.
2. Sourcing Strategies:
• Develop procurement strategies that align with the organization's goals and budget constraints.
• Determine the most suitable sourcing methods, including competitive bidding and negotiations.
3. Procurement Planning:
• Create procurement plans that forecast demand for goods and services, ensuring timely procurement to meet operational needs.
4. Negotiation:
• Negotiate favorable terms, conditions, and pricing with suppliers to secure cost-effective agreements.
• Aim to achieve cost savings while maintaining quality standards.
5. Purchase Orders:
• Generate accurate and comprehensive purchase orders that include all relevant details such as quantities, specifications, and delivery schedules.
6. Inventory Management:
• Monitor and manage inventory levels to prevent shortages or overstocking.
• Implement effective inventory control measures and assess turnover rates.
7. Quality Assurance:
• Collaborate with quality control and assurance teams to ensure procured items meet established quality standards.
• Address quality issues with suppliers promptly.
8. Cost Analysis:
• Analyze pricing proposals, cost structures, and total cost of ownership to make informed procurement decisions.
• Identify opportunities for cost reduction and efficiency improvements.
9. Compliance:
• Ensure that all procurement activities adhere to relevant laws, regulations, and organizational policies.
• Maintain accurate records and documentation for audits.
10. Market Research:
• Stay informed about market trends, industry developments, and emerging products or services.
• Provide insights and recommendations based on market intelligence.
11. Supplier Performance Evaluation:
• Regularly assess supplier performance and address any issues or deficiencies.
• Recognize and reward outstanding supplier performance.
12. Risk Management:
• Identify potential risks within the supply chain and develop strategies for risk mitigation.
• Prepare contingency plans for supply chain disruptions or emergencies.
13. Budget Management:
• Effectively manage procurement budgets, monitor spending, and prepare budget reports and forecasts.
14. Sustainability and Ethics:
• Consider sustainability and ethical factors when selecting suppliers and making procurement decisions.

Promote responsible and sustainable sourcing practices.