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What are the advantages of procurement and supply administration?Next Level Purchasing AssociationFollow1 min read·Apr 15, 2019 --
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A properly functioning Procurement Function can yield tremendous Competitive Advantage and Organizational Success.
This is due primarily due to a robust process to:
a. Manage Spend
b. Support Operations
c. Protect Organizations from Supply Risk.
A Procurement Function that is Efficiently Administered will ensure:
1. The selection of capable suppliers that are aligned to its corporate objectives
2. The consistent delivery of Mission Critical Inputs of High Quality
3. Procured Inputs meeting the appropriate Price Points
4. Effectively crafted Payment Terms that create a Positive Cash Flow Position
5. The acquisition of a Transfer of Knowledge from Suppliers, Customers, Strategic Partners, and Benchmarking Sources
6. Strong Transnational Visibility, Fraud Protection, Auditing Mechanisms
7. The leverage of Smart Contracts to reduce Supply Risks
The effective Planning, Organizing, Leading, and Control of a Procurement Function yielding an Undisputed Flow of Critical Inputs can only be realized by efficient Procurement and Supply
Administration.