Most larger organizations have a procurement team that handles general purchasing duties. If you’re a project manager, your role may involve working closely with procurement—though often, procurement project management is a collaborative effort involving multiple team members. The PM might work with procurement, the project team, engineers, and others to come up with a plan, find vendors, and control procurements.
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When the lay person thinks of accounting, they most likely think of financial accounting. Your financial accountants are the ones in charge of summarizing the financial situation of the company, providing a big picture overview of how your business is running. However important this may be, the business insider knows that this is only one piece of the accounting puzzle. More information is needed.
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Procurement managers are pros when it comes to negotiating deals down to the penny, working closely with suppliers to secure terms that place them at a strategic advantage.
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The finality of signing a contract should rightly inspire caution in the signing parties. Once your name is on the dotted line there isn’t a lot you can do when things go wrong. You have to abide by the terms of the deal, all of them, even those included in the fine print. Words that you didn’t see, or implications that were not apparent at the time of the signing, become attached to your name and reputation.
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Departmental budgeting offers more control over spending at the department level, allowing teams to analyze performance in a granular way.
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Your supply chain plays a critical role in the cost and profitability equation of your company. Your suppliers both enable and limit the services you provide to your customers, and help shape the financial matrix you operate within. It’s no wonder businesses place a great value on their relationships with their suppliers.
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Procurement has come a long way from the “materials men” of the industrial revolution.
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