Budget Management and Achievement:
- Ensure procurement activities align with the budget and achieve the targeted completion rates.
- Monitor actual achievements against the budget and implement strategies to address any deviations.
Cost Savings:
- Achieve a minimum of 10% cost savings through effective negotiations with suppliers.
- Develop and implement cost-saving initiatives to optimize the procurement budget.
Quality Assurance:
- Source high-quality products that meet or exceed company standards.
- Establish and maintain quality control processes to ensure the reliability and safety of purchased goods.
Inventory Management:
- Improve the inventory turnover ratio.
- Implement inventory management best practices to reduce excess stock and stockouts.
Supplier Performance:
- Maintain a supplier performance.
- Develop and manage supplier relationships to ensure timely delivery, quality, and cost-effectiveness.
Purchase Cycle Time:
- Reduce the average time taken from requisition to delivery.
- Streamline the procurement process to enhance efficiency and responsiveness.
Supplier Development:
- Identify and onboard new suppliers to diversify the supply base.
- Evaluate potential suppliers and negotiate favorable terms and conditions.