CCO102: Supplies Operations Notes

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Topics: Introduction to procurement, stores records, procurement process, receiving and inspection of goods, storage methods, stock control ,stores valuation, stock taking, ethics in supplies operations, stores disposal and emerging issues in supplies operations

INTRODUCTION TO PROCUREMENT
Meaning of terms 1.SUPPLIES
supplies" refer to the goods, materials, or products that are acquired and utilized by an organization to support its operations. These can encompass a wide range of items, depending on the nature of the business and its requirements. Supplies may include raw materials, components, finished goods, office supplies, maintenance and repair items, and any other resources necessary for the organization's functioning. 2. PROCUREMENT
Procurement- describes the process of buying: learning of need, locating and selecting suppliers negotiating prices and other pertinent terms, and follow up to ensure delivery. Procurement is obtaining or purchasing goods or services, typically for business purposes. Procurement is most commonly associated with businesses because companies must solicit services or purchase goods, usually on a relatively large scale
Procurement is a broader and more strategic process that encompasses the entire cycle of acquiring goods, services, or works. It involves a systematic approach to identifying needs, sourcing suppliers, negotiating contracts, making purchases, managing supplier relationships, and ensuring the overall efficiency and effectiveness of the supply chain.
Key Characteristics: Procurement is a comprehensive and strategic function that includes various activities beyond purchasing, such as strategic planning, supplier relationship management, risk management, and performance measurement. It focuses on achieving long-term value and aligning procurement activities with the overall goals and objectives of the organization. 3.PURCHASING
Purchasing is the acquisition of materials, machines, tools and equipments on payment. It’s the acquisition of materials and services and equipments of the right quantity, in the right quality at the right prices, at the right time and on a continuous basis.
Purchasing is the process of acquiring goods or services for a business at the best possible price, in the right quantity, at the right time, and from the right source. It is a subset of the broader procurement process and primarily focuses on the transactional aspects of buying.
Key Characteristics: Purchasing involves activities such as identifying suppliers, negotiating prices, creating purchase orders, receiving goods, and processing invoices. It is more transaction-oriented and tactical in nature.
Key Differences between procurement and purchasing:
Scope: Purchasing is a subset of procurement. While purchasing deals with the actual buying of goods and services, procurement involves a more extensive process that includes strategic planning and management of the entire supply chain.
Focus: Purchasing is more transactional and tends to focus on short-term considerations such as cost and delivery. Procurement, on the other hand, is strategic and considers long-term value, supplier relationships, and overall supply chain efficiency.
Involvement: Purchasing is often seen as a departmental activity within an organization, whereas procurement is a cross-functional process that involves multiple departments and stakeholders.
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