Globalisation has changed the playing field for businesses, in particular manufacturing companies. There is the opportunity to reach customers in foreign markets and supplier relationships are now on a global scale. However, this brings with it the added risk of external factors such as natural disasters, political instability and currency fluctuations. Now, more than ever, … Read more
An effective stock management process is one of the key components of a company’s purchasing efficiencies. Stock is a large capital investment so it makes sense to manage it as well as possible. In particular, keeping track of raw materials is essential for the smooth flow of the production process. Internal controls to prevent loss, … Read more
Every business needs supplies, whether it be day-to-day necessities like photocopier paper or materials for manufacturing car parts. Ensuring that the key components that a business relies on are available when needed is the responsibility of the Purchasing Department. Businesses strive for ‘purchasing efficiency’, whereby materials purchased meet required quality standards at competitive prices. In … Read more
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