What are the best procedures of procurement in an organization?

This is a very open ended question and may have different and divergent answers depending upon organizational requirements and culture. However, generally speaking the following should be taken care of while devising a procurement procedure for an organization:

• Transparency
• Value for Money
• Cost effectiveness
• Efficiency

Its Open end question in which we can cover whole Procurement Management material but Basically it depend on Organization type and then their strategic view toward Effective and efficient management of resources.

Procedure should align with Organization long term goal then only it will fruitful for any organization.

First thing which comes to mind when someone heard about procurement is Cost, being in Procurement department for more than4 years the best practice or procedure of procurement as per my best experience in an Organization will be as follows,

1.Selection of Material as per specification or client requirement.(it will reduce cost related to wrong ordering of material)

2.Selection of Vendors. (Transparency in selection of vendors)

3.Thorough Techno-Commercial Evaluation.

4.Negotiations with selected supplier to get appropriate cost price with in budget.

5.Management approval on Cost and Vendor.

6.Time management. (To match project site requirement)

7.Effective Logistic department.( to follow up effective delivery of material).

Procurement procedure should be in an organization to obtain quotations from various suppliers or manufacturers, check quality and cost and decide best quality and cheapest price to maintain both quality standard and cost.