Handbook

Procurement is increasingly being recognised as a fundamental enabler of business strategy and a preferred method for achieving sustainable cost reduction. Controlling approximately 70-80% of all company expenditure, Procurement functions are in a critical position to influence commercial and financial success. This subject looks at the expanded responsibility of procurement and its integration with long-term strategic corporate planning. Topics include the procurement of goods and services, strategic sourcing, supplier relationship management, inventory management, total cost of ownership, negotiation planning, outsourcing and globalisation, supplier selection and evaluation, risk mitigation, and e-procurement. Emerging procurement issues such as supplier innovation, sustainable procurement and ethical supply chains are examined.