Purchasing and supply management plays an important role in operations of companies because other functions of the companies depend on the procurement function. In this paper a number of issues will be considered including the role of supply management in the operational process, the strategies of negotiating prices, budgeting supplies, materials, and service, outsourcing procurement function, and the best supply management practices with examples. Supply management is one of the core functions of the company. The information presented below will attempt to justify the importance of supply management function.
Purchasing and supply management is an important part of the operational ...