10 Steps to Better Purchasing Management

Determine how & where spending has occurred by vendor or vendor type to gain a better understanding where savings opportunities exist. Use the information to aggregate spend across the organization, leveraging volume for improved pricing & increased efficiencies.
Know your vendors & optimize supplier relationships. Develop vendor expectations & selection criteria based on historical vendor performance metrics. Develop a vendor scorecard with key metrics such as lowest cost paid, on-time deliveries & lead time required, and monitor the scorecard regularly.
Establish a preferred vendor list based on historical performance and on-time deliveries.
Gain spend management & budget control. Research historical total cost of ownership, not just costs.
Establish control & compliance with policies. Stop unauthorized purchases through systematic controls.
Improve risk management. Mitigate risk by on-order and overdue shipment monitoring.
Streamline purchasing processes by establishing systematic processes for requisitions, requests for quotes, purchase orders, and receiving.
Lower inventory investment by conducting trend analysis to better predict future buying and production needs & overstock analysis to reduce existing, non-performing inventory.
Measure purchasing performance. Consistently review statistics and use decision support tools to constantly improve purchasing and procurement activities.
Leverage technology. Quality purchasing, inventory & business management software will manage the details for these activities, enabling you to use the information to increase efficiency and grow your business.

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