Chapter9

Procurement Process

The process that involves the activities of ordering, receiving, and paying for goods and services.

Inbound Logistics

The activities related to receiving, storing, and disseminating inputs to products.

Information Systems Silos

Separate information systems that do not share data, leading to inefficiencies in the procurement process.

SAP

An integrated software solution that improves procurement processes by unifying databases and workflows.

Three-Way Check

A verification process used in accounting to match purchase orders, goods receipts, and incoming invoices.

Supplier Relationship Management (SRM)

A systematic approach to develop and manage partnerships with suppliers to improve business performance.

Competitive Strategy

A plan that outlines how an organization will compete in the marketplace.

Data Sharing

The process of providing access to information among different stakeholders or systems to improve efficiency.

Process Integration

The coordination of various business processes and systems to streamline operations and enhance performance.

Outsourcing

The practice of transferring parts of a company's business operations to third-party service providers.