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April 30, 2020 2 min read

Importance of Procurement Team In An Organization

Procurement is a process of sourcing and buying goods or services from vendors outside the organization. The key things to keep in mind during procurement are best possible cost, quality, quantity, time of delivery and location.

Procurement works alongside the design team and facilitates in sampling, vendor finalization, cost cutting, production, logistics, warehousing and inventory. They are all quite an essential part of the process as if we skip any stage of procurement, the product would fail to launch.

The entire procurement planning always aims at keeping the customer happy and satisfied. To achieve the customer happiness means that the cost meets the demand with the right quality. Since no one wants an unhappy customer or a bad rating or review, the procurement planning has to meet certain key steps.

In order to reach successful planning of sourcing goods, here are a few things to keep in mind:

  1. Existing stock count of each product
  2. Good warehousing management
  3. Good Inventory management
  4. When to buy, whom to buy from, where to buy, how much to buy.
  5. Cost, transportation, profit margin and production lead time

A large part of procurement also entails in planning alongside the inventory management team, especially since selling on E-commerce platforms. If the inventory management and procurement planning are successfully worked out, the customer experience becomes pleasing one, giving the organisation a positive purchase.

This was all about the importance of Procurement in any organization or a startup.

How do we procure at Thinkpot? What are the timelines that are needed from sourcing to finalization?
Let us talk about it in the next blog!

Written By: Sayli Chandarkar
Head - Sourcing & Purchase - Thinkpot

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