Procurement Supply Chain Management is an essential component of modern business operations. It is the process of managing the procurement, transportation, and delivery of goods and services from one party to another. It is important to understand the official business definition of Procurement Supply Chain Management in order to effectively implement and manage it.
The official business definition of Procurement Supply Chain Management states that it is an end-to-end process that encompasses the strategic sourcing of goods, services, and materials, the efficient and effective management of supplier relationships, and the delivery of these goods and services in a timely and cost effective manner. It also involves the analysis of the supply chain to identify areas of cost savings and performance optimization. Additionally, it encompasses the management of inventory and warehousing, as well as the monitoring of the chain to ensure the smooth flow of materials and services.