PUBLIC
SPEAKING
Lecturer : DR Narizan Binti Abdullah
Courses : Business
Communication/DPB20082
Introduction
Procurement is the process of buying goods and
services for a business. It involves figuring out
what is needed, finding suppliers, negotiating
prices, and making purchases to ensure that
the business gets what it needs at the best
possible value.
Process of Procurement
The procurement process typically involves several key steps:
Needs Identification: Determine what goods or services are required.
Supplier Research: Identify potential suppliers and assess their capabilities.
Request for Proposal (RFP)/Quote (RFQ): Create and send out requests to suppliers for pricing and terms.
Proposal Evaluation: Review and compare proposals based on criteria like cost, quality, and delivery time.
Negotiation: Discuss terms and conditions with the selected supplier to reach a mutually beneficial agreement.
Purchase Order: Issue a purchase order to formally confirm the order with the supplier.
Order Fulfillment: The supplier delivers the goods or services as agreed.
Receipt and Inspection: Verify that the delivered items meet the specified requirements.
Payment: Process payment to the supplier according to the agreed terms.
Record Keeping: Maintain documentation for auditing and future reference.
Supplier Relationship Management: Evaluate supplier performance and manage ongoing relationships.
Each step may vary depending on the organization and the complexity of the procurement.
Conclusion
Procurement is essential for organizations as it involves
buying goods and services in a smart and cost-effective
way. It focuses on finding the right suppliers, managing
relationships, and minimizing risks. A strong
procurement strategy helps improve efficiency, supports
sustainability, and can lead to better deals. As markets
change, using technology and data in procurement will
be key to staying competitive. In short, good
procurement practices play a big role in an
organization's success.
Thank You
