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Procurement department procure high value items or high volume of items with high total value as requested by the users department or materials management department.
The term Material Management department is normally associated with manufacturing concern. It store raw materials / spare parts /consumables for production as well as store finished goods for delivery and sale. When production department requires raw materials, it sends the request to Materials Management department. If the raw materials are in stock, Materials Management department delivers the raw materials to production and immediately sends request to procurement department for replenishment. Similarly, when the sales department requires finished products, it sends request to production department. The production department then arrange delivery from stocked finished goods in materials management department and start production for the balance quantity.
Asset Finance Department: Asset Finance department after thorough examination recommends for procurement of capital assets. Asset finance department then arrange financing for procurement from organization’s own sources or through bank loan or through raising funds from capital market.
Material manager request to purchase required material through Procurement department and fiance department pay to supplies.
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