Impact of Procurement on Capital Envelopes LLC, Dubai

Abstract

With a hike rivalry in the market forum, an increase in product offerings in the market is observed. This leads to a diminished product life cycles. It has therefore become essential for a industry to better operate their supply chain process. This leads to a better supply and demand process. In this present era it clearly shows that Information technology and their advancement plays a vital role in the forecasting of demand and supply changes prevailing in the market place
Recent best practices in the firm helps in the development of the supply chain management effectively and efficiently. These practices help the firms to identify the needs and requirements in the changing business environment. This supply chain management helps in the inventory management control according to the demand and supply trends of the market. The process of delivering the goods to the consumer at the right place requires a proper and an efficient supply chain management.
The ferocious competition in the globalized world leads to introduction of the new products which urges the customers to buy the product and the business enterprises are kindled to invest a huge amount in the supply chain. The development in the transportation and communication technologies urges the continuous improvement in the evolution of supply chain effectively. The procurement is the method of obtaining the goods and services according to the requisition through the approval of the invoice for the payment. It includes some of the functions like planning for purchase, determination of the standards, developing the specifications , supplier research and selection, value analysis, financing, negotiation of price, making the purchase, supply contract administration, inventory control and disposals.