Procurement for Beginners - What is Procurement & The Procurement Process
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- Äas pĆidĂĄn 3. 07. 2024
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Ever wondered "what is procurement?" or "what is the procurement cycle?" You're in the right place!
In this video, we break down an informative article from World of Procurement, covering everything from procurement phases to contract management in procurement.
Discover the essential stages, strategies, and importance of procurement in the business world.
We're going to be diving deeper into each of the areas raised in this video to give you the best knowledge about what is procurement that you can find.
Like, comment, and subscribe for more insightful content, and check out the original article in the description.
PS. After the Sourcing Phases have been completed which is much of the focus of this video, we need to enable contract management. Rather than complicate this video for beginners, I'll be putting together a "What is Contract Management Video" for you so that you can see how the two slot together.
#procurement
00:00 What is Procurement
00:20 What is Indirect Procurement
00:46 What is Direct Procurement
01:53 What is the Procurement Cycle
02:04 Phase One: Procurement Requirement
02:18 Phase Two: Procurement Specification
02:40 Phase Three: Market Research and RFI
02:55 Phase Four: Request For Proposal
03:08 Phase Five: Supplier Evaluation
03:21 Phase Six: Supplier Negotiations
03:35 Phase Seven: Order Placement, Delivery and Inspection
03:54 What is Agile Procurement
04:35 Procurement Strategies
04:50 Cost Control in Procurement
05:24 Quality Improvement in Procurement
05:49 Supplier Relationship Management
06:10 Risk Management in Procurement
06:32 Conclusion
Thank you so much brother im fresh graduate but iv started working since i was a student as a sales person but now after 2 years i feel like moving into some procurement professions in building materials verticle. Thank you so much.
Amazing to hear this!
If you want to connect with procurement pros in a community manner then join our community (it's free and there is a paid extras area). Join here: worldofprocurement.substack.com
We've got quite the network when it comes to procurement.
Thank you so much for thisâ€helped lot
Great overview of the value that good procurement can bring to a business.
awesome feedback - that was all we set out to do with this one!
Thank you
Your videos have been so helpful in opening me up to the world of procurement and contract management. About to start my new role as contract manager your videos were so helpful in my making this switch. I definitely need to hear about your second brain system to store knowledge.
Hey Dawn, so happy for you - let's connect on LinkedIn if we aren't already?
As for the Second Brain piece - I wrote about this here: worldofprocurement.substack.com/p/personal-knowledge-management-for
This one is for paid newsletter subscribers and I just put out a newsletter today that you can read with a free subscription about my reading habits which form part of my Second Brain here: worldofprocurement.substack.com/p/how-to-read-online
I've just built my office/youtube studio and will be going through some in-depth set ups of the second brain process over the next few months :D
I'm looking for procurement jobs. This video helps me a lot.
Glad I could help
Bro!
I watched at least 6 other videos prior to this one and you explained it so simple that it made sense! LOL.
Thank you for the informational video! The only con was your audio I had to put the volume up substantially and even then it sounded like you were far away although the background music was more clear.
Glad it helped!
We'll be updating these videos later this year (as we now have a studio space to record in :D )
Great overview, thank you! A video on the RFX process would be great :)
Hey, got it, will get something together on this for sure :D
Thank you for this video. What level would you recommend I start from for a CIPS qualification? as a business degree holder.
Thanks for making this video! I was just hired as a Project Administrator and am new to the procurement world. Would you be able to do a video on SOWs and deliverables and how they are managed? It would be a big help to me and Iâm sure to others!
Let us see what we can do - we're planning a complete Procurement 101 Course for Free on CZcams right now and have SOWs, etc, earmarked in that.
Great video! I recently applied for a procurement role and it is specific to "Expediting" what does this mean?
I have a great Blue Mountain Coffee connection. What are some initial steps I should take to profit significantly?
why did amazon slip through here lmfao :D thanks for your work
What are the types of procurement & explain
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Hi good video. In the uk can you set up a company to win government tender bids to subcontract to business which can fufil the product or service like a broker?
You can - but you'll still be 100% responsible for the work.
As a former UK Govt Procurement Pro, that approach would be seen as exceptionally high risk if everything was outsourced. But, this is fairly standard for a lot of Govt suppliers in that they do some of the work and the rest is outsourced. The outsourced element is provided in the "Tender" response so the Govt will assess this as part of the tender evaluation.
@@WorldofProcurement thank you so much for your response. Being transparent I've been looking for a career change and came across this sector. As I do have many contacts who can carry out the work most will be outsourced but I can I am more than happy to take on the full responsibility. To gain credibility in bids would it be recommended to have cips qualifications? Do new ltd have a chance of winning tenders?
I'm currently doing a 24 month apprenticeship with my local council to get a Level 4 CIPS qualification. The pay is very low but have been told salaries will increase after a few years. Is this a good career for a 19 year old?
Itâs going to be an amazing career and hopefully this channel can help you.
You should come join my procurement community here: worldofprocurement.substack.com/
@@WorldofProcurement do you think I'm joining Procurement at a particularly good time?
Hey.!!! This video helped a lot
But i have a few more questions regarding procurement as im thinking about getting into procurement and planning to leave my merchant navy officer job
It would be great to talk to you.!!
Appreciate and absolutely, let us know.
How welcoming is procurement if you're moving in from a merchant navy as a career switch