Every procurement management process involves several elements, including requirements determination, supplier research, value analysis, raising a purchase request, reviewal phase, conversion to purchase order, contract administration, monitoring/evaluation of received order, three-way matching, payment fulfilment.
Contract management is an integral part of any procurement cycle. After all, it’s contracts that define your
Contracting is an integral part of doing business in any industry. A “contract” is a legally enforceable agreement – an exchange of promises for which the law can provide a remedy if the promises are not kept. It may be an agreement to pay something, to do something, to not do something, to give or receive something, or to warrant something. A contract may be written down, or it may be verbally agreed; it may be a formal document that is negotiated over many months.
Supply Chain Management is a multi-disciplinary programme designed to help you create and implement innovative strategies that can help your organisation serve customers effectively and efficiently.