A professional organization based in the UK, dedicated to those working in procurement, supply-chain management, and related areas. It offers training, qualifications, and various professional support services.
The Chartered Institute of Purchasing and Supply (CIPS) is a global professional body dedicated to promoting excellence in procurement and supply management.
The General Services Administration (GSA) is a federal government agency responsible for purchasing and managing property occupied by other federal government agencies. It plays a crucial role in providing products, services, and facilities to enable federal agencies to efficiently fulfill their missions.
A document used by businesses to confirm and record the receipt of goods ordered. The GRN ensures that the items received match the order in terms of quantity, quality, and specification.
Materials Management is the administration of all activities concerned with the ordering, storage, and movement of materials, with a focus on optimizing the storage of raw materials, parts, and the manning of production operation centers.
On order refers to goods or services that have been requested through a purchase order but have not yet been received or paid for.
An open bid is an offer to perform a contract by quoting a price for materials or work, while retaining the right to reduce that price to match competitors' bids. It is commonly utilized in governmental contracts.
Procurement is the acquisition of goods, services, or works from an external source, typically through a bidding process. It involves the process of finding, agreeing on terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process.
A written authorization issued by a buyer to a vendor to supply goods or services at a stipulated price. Upon acceptance by the vendor, the purchase order turns into a legally binding contract.
Requests for proposals (RFP) are announcements seeking proposals from interested parties to conduct a study, provide leased space, or perform other specific tasks. RFPs are commonly used in business, governmental, and non-profit sectors as a formal invitation to tender competitive bids.
A resident buyer is an individual who has an office in an important merchandise center and provides valuable merchandising information.
A form of cost estimate presented to a potential customer in which the bid is kept confidential to ensure fair competition among bidders.
Spend management is a strategic and systematic approach to optimizing a company's total expenditure to achieve the best value for money, integrating areas such as sourcing, procurement, contract management, and supply-chain logistics.
A store requisition is a document generated by user departments or individuals in an organization to request raw materials or supplies from the store or warehouse. It facilitates the internal movement and management of inventory within a company.
A Stores Returns Note (SRN) is a document used to record the return of materials to the store or warehouse, often for reasons such as quality issues, over-ordering, or incorrect items delivered. It ensures accurate inventory management and financial accountability.
A supplier is an individual or entity that provides goods, materials, or services to another organization, typically in a commercial context.
Take-or-pay is an arrangement where a customer commits to purchasing a certain quantity of a product over a specified period, often at a predetermined price. If the customer fails to meet the agreed-upon purchase quantity, they must still pay the seller. This contract structure protects the buyer against price increases and secures the seller against price decreases.
Visibility refers to the immediate insights that managers gain into a business operation through effective supply chain management. It involves tracking and managing all aspects of the supply chain process, from procurement of raw materials to delivery of the final product.
