A Report On:
Procurement
Executive Summary:
Procurement is important to identify, discover and interpret factors affecting acquiring goods and services. This report researches in detail factors affecting procurement within a larger sized business.
As Wagamama is a fast, casual dining restaurant, there are three main criteria affecting procurement: “speed, quality and value for money”. It is important to ensure that customers’ expectations are being met to ensure best possible sales.
This report explains in detail an approach to understanding the importance of procurement strategies and the importance of resource management.
The report also describes and evaluates plans to improve procurement strategies and best practice.
The analysis has led to the following findings:
• Goods and services need to be managed through the entire life cycle
• Specifications have to be as accurate as possible
• Different procurement methods are required to find the right suppliers
• A procurement officer can only become valuable if the business reaches a certain size
• Risks need to be identified, in order to avoid any financial consequences against the business goal
Therefore the following can be concluded:
• Goods and services need to be maintained
• Specifications are needed to identify the needs of the business and gain the best possible profit for the business
• Businesses need to identify their own best practice regarding the size of the company
• Procurement officers need to know their business very well in order to buy the right goods and services ...