Prudence of Conducting Procurement Research for Efficient Supply Chain Management
Procurement is an important process that involves the purchase of the highest quality materials that an organization needs at the most cost-effective price. Therefore, procurement research is essential for organizations to perform this activity efficiently. Procurement research entails collecting data and information about suppliers, legal processes, and purchase requirements for procurement, and analyzing the data to develop a robust procurement framework. Information from procurement research aids in better supply chain management and risk alleviation. The various advantages of procurement research are as follows: Supplier management – This is the most important benefit of procurement research. The process involves a detailed analysis of each supplier for various materials. Data regarding their cost, quality, timeline adherence, and market reputation are gathered and analyzed. Sometimes, their financial stability and business acumen are also verified to ensure there is no probabili