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  • Procurement and Inventory Management

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    Chelsea Bandoo
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    This document discusses procurement and inventory management. It defines procurement as acquiring goods and services to support operations, and inventory as stock held for production, resale, or business use. Procurement and inventory management involve sourcing goods, acquiring them efficiently and cost-effectively, and overseeing stock levels. A purchasing clerk's duties include filing records, maintaining supplier and stock databases, and verifying orders. The key procedures for purchasing goods are identifying needs, researching suppliers, evaluating offers, and creating purchase orders. Common documents used include purchase orders, invoices, receipts, and payment records.

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    This document discusses procurement and inventory management. It defines procurement as acquiring goods and services to support operations, and inventory as stock held for production, resale, or business use. Procurement and inventory management involve sourcing goods, acquiring them efficiently and cost-effectively, and overseeing stock levels. A purchasing clerk's duties include filing records, maintaining supplier and stock databases, and verifying orders. The key procedures for purchasing goods are identifying needs, researching suppliers, evaluating offers, and creating purchase orders. Common documents used include purchase orders, invoices, receipts, and payment records.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    50 views12 pages

    Procurement and Inventory Management

    Uploaded by

    Chelsea Bandoo
    This document discusses procurement and inventory management. It defines procurement as acquiring goods and services to support operations, and inventory as stock held for production, resale, or business use. Procurement and inventory management involve sourcing goods, acquiring them efficiently and cost-effectively, and overseeing stock levels. A purchasing clerk's duties include filing records, maintaining supplier and stock databases, and verifying orders. The key procedures for purchasing goods are identifying needs, researching suppliers, evaluating offers, and creating purchase orders. Common documents used include purchase orders, invoices, receipts, and payment records.

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    of 12

    PROCUREMENT AND

    INVENTORY
    MANAGEMENT
    OVERVIEW
    DEFINITION

    DESCRIPTION OF FUNCTIONS

    DUTIES OF PURCHASING CLERK PROCEDURE FOR ACQUIRING GOODS

    ATTRIBUTES OF PERCHASING CLERKS PROCEDURE FOR PURCHASING GOODS

    DOCUMENTS IN PURCHASING
    GOODS AND SERVICES
    DEFINITION
    PROCUREMENT

    PROCUREMENT IN OFFICE ADMINISTRATION REFERS TO THE PROCESS OF ACQUIRING


    GOODS, SERVICES, OR RESOURCES EFFICIENTLY AND COST-EFFECTIVELY TO SUPPORT
    THE ORGANIZATION'S OPERATIONAL NEEDS AND OBJECTIVES.

    INVENTORY

    INVENTORY REFERS TO A COMPANY'S STOCK OF GOODS, MATERIALS, OR ASSETS HELD FOR


    VARIOUS PURPOSES, INCLUDING PRODUCTION, RESALE, OR USE IN THE NORMAL COURSE OF
    BUSINESS OPERATIONS.
    WHAT IS PROCUREMENT AND INVENTORY
    MANAGEMENT?
    PROCUREMENT AND INVENTORY MANAGEMENT INVOLVE SOURCING, ACQUIRING
    GOODS, AND OVERSEEING STOCK TO ENSURE EFFICIENT OPERATIONS,
    CONTROL COSTS, AND MEET DEMAND IN A TIMELY, COST-EFFECTIVE MANNER
    WITHIN AN ORGANIZATION.

    WHY IS THE PROCUREMENT AND INVENTORY


    MANAGEMENT DEPARTMENT IMORTANT TO A
    BUSINESS?
    THE PROCUREMENT AND INVENTORY MANAGEMENT DEPARTMENT IS VITAL TO A
    BUSINESS BECAUSE IT ENSURES EFFICIENT SOURCING OF GOODS, MINIMIZES
    COSTS, OPTIMIZES STOCK LEVELS, AND PREVENTS SHORTAGES. THIS
    STREAMLINES OPERATIONS, ENHANCES CUSTOMER SATISFACTION, AND
    MAXIMIZES PROFITABILITY.
    DESCRIPTION OF THE FUNCTIONS OF THE PROCUREMENT
    AND INVENTORY MANAGEMENT OFFICE

    1. PROCUREMENT PLANNING
    2. SOURCING SUPPLIERS
    3. PURCHASE ORDER MANAGEMENT
    4. VENDOR MANAGEMENT
    5. INVENTORY CONTROL
    6. QUALITY CONTROL
    7. COST CONTROL
    8. RISK MANAGEMENT
    9. ASSET TRACKING
    10. DATA ANALYSIS AND REPORTING
    IDENTIFICATION OF DUTIES AND ATTRIBUTES OF A
    CLERK IN THE PURCHASING DEPARTMENT

    DUTIES ATTRIBUTES

    DETAIL ORIENTED
    FILING OF PURCHASING RECORDS INITIATIVE
    MAINTAINING STOCK RECORDS HONESTY
    MAINTAINING DATABASE OF INTEGRITY
    SUPPLIERS RECORDS ATTENTION TO DETAILS
    VERIFYING ORDERS RECEIVED RESOURCEFULNESS
    GOOD JUDGEMENT
    TACTFUL
    GOOD NEGOTIATION SKILL
    CREATIVITY
    THE PROCEDURES FOR PURCHASING
    PRODUCTS AND ACQUIRING SERVICES
    IDENTIFY NEEDS
    BUDGETING
    RESEARCH SUPPLIERS
    REQUEST FOR QUOTES/PROPOSALS
    EVALUATE OFFERS
    SELECT VENDOR

    NEGOTIATE TERMS
    CREATE PURCHASE ORDER
    PAYMENT
    RECEIPT OF GOODS/SERVICES
    INVOICE PROCESSING
    RECORD KEEPING
    ALMOST
    THERE!
    DOCUMENTS USED IN PURCHASING
    OF GOODS AND SERVICES

    PURCHASE ORDER (PO)


    INVOICE
    RECEIPT OR DELIVERY NOTE
    PURCHASE REQUISITION
    PAYMENT RECORDS
    COMMUNICATION RECORDS
    INDEX OF SUPPLIERS
    BILL OF LADING
    LICENSES AND PERMITS
    PRSENTATION OF DOCUMENTS

    ENJOY!

    BE MESMERIZED!

    AND DO NOT FORGET TO MAKE NOTES ON THEM


    ACTIVITY

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