Procurement where we are working with vendors and identifying the best asset for your business based on Cost and Configuration as per the planning stage. In this stage mostly we are negotiating with the vendor on the Cost part for the same configuration or better.
Once a vendor is finalized for your asset requirement procurements team will send PO to Vendor as confirmation, but make sure before finalizing Vendor we have checked with a minimum of three vendors as per standard and verified quote, Specification, Warranty, and service.
In order to Procure an asset follow the below Best Practice
- To make the procurement process more automated, you can use a tool or Simple Process flow where you can incorporate the approval process
- Make requirement decisions based on data.
- Have Multiple Vendor strategies in place and follow the vendor onboarding process
- Adopt a transparent process with suppliers, vendors, and asset owners.
- Keep all invoices in a central place
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