Procurement Material Management is a process of acquiring, managing, and disposing of materials and services that are necessary for the production of goods and services. It is a vital part of the supply chain process, as it helps to ensure that the right materials are available when needed, at the right price, and in the right quantity. It also helps to reduce costs and ensure that the materials are of the highest quality. Procurement Material Management involves the coordination of all activities related to the procurement of materials, including the negotiation of contracts, the selection of suppliers, the ordering of materials, the tracking of orders, and the payment of invoices. It also involves the management of inventory, the monitoring of supplier performance, and the management of returns and exchanges. The goal of Procurement Material Management is to provide the highest quality materials at the lowest cost, while also minimizing risk and ensuring that the materials are delivered on time.
