International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 09 Issue: 08 | Aug 2022
p-ISSN: 2395-0072
www.irjet.net
Operations in Source to Pay (S2P) Cycle Atharva Gaikwad Student, Dept. Industrial and Production Engineeering, Vishwakarma Institute of Technology, Maharashtra, India ---------------------------------------------------------------------***---------------------------------------------------------------------
Abstract - It is becoming more critical than ever for
reason; procurement has an edge in volatile markets. With procurement functions managing both internal (such as suppliers’ capacity, logistics data, pricing and discounts, and new products information), and external (product or service cost, time frames of delivery, product quality, and general supply decisions, such as supplier selection and supplier relationship) functions, eventually making the decision making by the managers easier due to the cross functioning of procurement and other functions as mentioned.
inefficient procurement systems to devise initiatives and map out a strategic approach through which intelligent procurement processes can be incorporated, in order to reach better performance and reduce sourcing costs. Having a clear understanding of the streamlined procurement process would result in increased stakeholder engagement and improved supplier management, thus increased productivity. The different departments in a company must ensure that they work in unison and are clear about the organizational goals as accomplishing one purpose using different methods could make tasks challenging. Integrating the various departments and synchronizing their functions while preserving the organization's services, leads to increased visibility and flexible relationships between supplier and management.
In summary, procurement has been proven to be an important function, responsible for increased competitiveness even within an unstable or volatile environment. Beyond building reliance and robust systems, companies should also focus on developing different new and alternative systems rather than channelling the entire resource means into developing a single-method plan; this allows the system to have more options and reduces the chances for reliability on a single factor. One such example is to develop virtual warehouses on specifically developed platforms which will allow the companies to share data on their inventories and stock. Though it might be complicated to set up it can be achieved through a useful approach towards technical support.
Key Words: Sourcing, Procurement Industry, Supply Chain, Turnaround Time (TAT), Services, Suppliers, Customer Satisfaction
INTRODUCTION As procurement plays a significant effect on an organization's bottom line, the procurement challenges and difficulties must be identified and overcome. While developing a solid procurement strategy, the future implications of each step and procedure must be well thought out. Risk mitigation, inaccurate data, and supplier management issues are a few challenges that can directly impact the bottom line of an organization.
Steps in P2P Cycle of ProcMart 1.
A mail acknowledgement is sent to the client against the request
A resilient supply chain refers to the system which is dynamic and robust as in that it’ll be equipped with alternative strategies and methodologies in cases of various disruptions. A resilient system is highly organized and will have plans to cope in cases of crisis and problems. A 3-stage review method should be followed in order to create and build a resilient yet robust supply chain:
Planning the review
Conducting the review
Reporting and dissemination
A request is received from the client. it consists of the required items, its quantity and specifications.
Procurement is viewed from a broader perspective than just implementing, evaluating, and controlling purchase decisions. The scope of procurement also encompasses the management of both suppliers and resources. For this very
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