PROCUREMENT final 2.docx - Procurement Acquisition...

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Procurement Acquisition Discussion Purchasing in the early days was considered a function aiming at fulfilling organizational goals. Over the years the function of purchasing has evolved to supply management in the modern business world. At the onset, purchasing was defined as a simple process of acquiring good and services. However, in the 21st century, purchasing is viewed as a process comprising of activities such stocking, managing inventory, and budgeting for the good and services in a process known as purchasing and supply chain management. Both private and public sector organizations benefit from supply chain management through strategic alliances with the supplying companies. An effective supply chain management enables an increase in the volume of sales as well as minimizing the organizational, operational cost. Additionally, an effective supply chain management enables a company to yield quality goods and services as well as assist in detecting anomalies in the production process.
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