Procurement and Supply Services (2024)

FAQs

How do you answer procurement interview questions? ›

Prepare for Behavioral Questions: Reflect on your past procurement experiences and be ready to discuss how you have handled negotiations, cost savings initiatives, and supplier performance management. Use the STAR method (Situation, Task, Action, Result) to structure your responses.

Procurement and supply is an important function in every business, from small organisations to large corporations. As a procurement and supply professional, your main role is to get the best value for money purchases, but also being mindful of where and how your goods and services are made.

In conclusion, mastering the 5 Ps of Effective Procurement Management is paramount for achieving procurement excellence. By focusing on Proposal, Planning, Pricing, People, and Project Management, you can streamline your procurement process, optimize costs, and enhance project success rates.

The three C's in procurement and savings tracking are Control, Consolidation, and Cost Savings. These elements are essential for optimizing procurement processes, managing resources efficiently, and achieving cost savings.

The 3 P's of the Procurement Management Process

The 3 P's of procurement refer to three organizational components that outline the entire process, namely people, paperwork, and process.

There are three main types of procurement activities: direct procurement, indirect procurement, and services procurement. 1. Direct procurement: Direct procurement involves the direct purchase of raw goods, machinery, and wholesale goods that directly contribute to the company's end product.

A strong procurement manager candidate possesses a blend of analytical skills, negotiation expertise, and a deep understanding of market trends. They should be adept at building relationships with suppliers, ensuring product quality, and optimizing procurement processes for efficiency and cost-effectiveness.

Is procurement and supply a good career? ›

Starting career as Procurement person is a very good start for career. Earlier Procurement was just a commercial function. But with changing tend it had now become a techno commercial function. Companies are now hiring engineers in Procurement instead of commerce graduates.

Procurement includes sourcing, obtaining and paying for goods and services. Supply chain management also covers the logistics involved in obtaining goods, such as shipping and warehouse management, as well as transforming the procured goods into products and distributing them to customers.

The purpose of a procurement policy is to ensure that best value – the most advantageous balance of price, quality, and performance —is obtained when purchasing business-related products and services, and to minimize fraud, waste, and abuse in purchasing.

I have strong interpersonal skills that help me to carry out various responsibilities and relate with others. Through my experience, I have a proven record of strong negotiation and communication skills, which allow me to negotiate contracts and maintain relationships with suppliers easily.

Tell me about yourself? SUGGESTED ANSWER: “I am a standards-driven, ambitious and professional Procurement Officer who understands the responsibility that comes with the role.

1 Procurement is exciting

You are always looking for new products or searching for new suppliers, to meet the variable requirements needed for business operations. In procurement, you will not be bored.

What exactly is procurement? Procurement in a business is the act of sourcing suppliers and purchasing goods or services from those suppliers. It can include negotiating and bidding, contract management, and business spend management.