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Measures the percentage of stock that has not moved in the defined number of days, out of the overall stock. The defined number of days is less than the ones established for obsolete items.
Measures the percentage of consolidated purchase spending, out of the total public spending.
Measures the percentage of public procurement orders processed online through electronic transactions by government organizations, out of total public procurement during the reporting period.
The procurement cycle comprises key steps that a company should make in order to obtain products or services. Management should understand that this process is becoming more of an art instead of an automated process. It is the road to success for responsible management, when handling public or corporate funds. It starts from identifying the correct needs of the company, to the final step of granting the product, or contract, to a certain supplier, all these, ultimately leading to increased profits.
By definition, procurement represents the process of obtaining goods and services from preparation and processing of a requisition to the approval of the invoice for payment. As Robert Monczka specifies in the book Purchasing and Supply Chain Management, purchasing is responsible for acquiring all the materials needed by an organization, and it is the function responsible for issuing purchase orders and initiating the flow of materials.
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