Procurement vs Purchasing (Supply Chain Basics)

Back with another video, we are digging deeper into the topic of procurement and we will discuss the difference between procurement and purchasing in supply chain management. This was a question our viewer AZEEZ MAHAMMAD posted on the comments. Please feel free to post your questions on our comment section or tag us on social media @MVCLogisticsAcademy
This is all part of our Learning Logistics series where we discuss the basic Supply Chain and Logistics concepts.
We covered the definition of PROCUREMENT in an earlier episode, so feel free to go back to that one if you need a refresher, and I also covered the definition of LOGISTICS in the beginning of the series. Both videos are liked below:
• What is Procurement? (...
• What is logistics? Sup...
If you are interested in learning more about logistics and supply chain, and want to become even more knowledgeable and learn from the experts, CHECK OUT OUR COURSES: www.mvclogisticsacademy.com
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KEYWORDS: What is procurement, procurement, supply chain design, logistics videos, youtube videos about logistics, videos about supply chain, Learning Logistics show, logistics education and training, MVC Logistics Academy KZbin channel, MarvikCo Logistics LLC.

[@jonaschelle5101]

you are the best. your 6 minutes video gives more insight than 6 weeks in the boring class room thank you prof.

[@MVCLogisticsAcademy]

Wow, thank you so much for your incredible feedback! 🌟 I'm thrilled to hear that our videos are making such a positive impact on your learning journey. Your words truly inspire me to keep delivering valuable content that resonates with our amazing audience. If there are any specific topics you'd like me to dive into or any questions you have, feel free to reach out. Your support means everything, and we're here to make your learning experience even more insightful and enjoyable. Keep shining bright, and thank you for being part of our learning community! 🎓🚀

[@user-uu3gd8eo1c]

Sharp + clear + concise + informative = Excellent

[@MVCLogisticsAcademy]

Thank you so much for your awesome feedback! 🌟 I'm thrilled to hear that you found our content sharp, clear, concise, and informative! Your support means the world to us, and we're committed to delivering excellent content that adds value to your day. Stay tuned for more exciting videos coming your way! 🚀🎉

[@jaycee145]

Six minutes of concise detail; wish more people could provide this. Thanks!

[@MVCLogisticsAcademy]

Thank you so much for your wonderful comment! 🌟 We're absolutely thrilled to hear that you enjoyed our content. Making detailed information concise and engaging is what we strive for, and we're delighted to know it hit the mark for you! Your support means the world to us. If there's anything specific you'd like to learn about or any topics you're curious about, feel free to let us know. We're here to make learning a delightful experience for you! 🚀😊

[@MrHelmiaziz]

Yes, paperwork is very important. It’s to trace backdated works.

[@MVCLogisticsAcademy]

Absolutely! You're spot on about the importance of paperwork in our work processes. 📑✨ It's like our trail of breadcrumbs, helping us trace back and understand the history of all the incredible work we've accomplished. Whether it's for compliance, auditing, or just keeping a clear record, paperwork ensures we've got everything documented and accounted for. It's a key part of maintaining transparency and efficiency in what we do! 🚀📊

[@saeedbasabain4188]

Thanks professor

[@zariahstar858]

Amazing.. you broke it down so well.. I feel like I can take on the world

[@MVCLogisticsAcademy]

Wow, thank you so much for your enthusiastic feedback! 🌟 It's incredible to hear that our explanation resonated with you and left you feeling empowered. You absolutely can take on the world! 🌎💪 Remember, knowledge is power, and with the right understanding and confidence, there's no limit to what you can achieve. Keep that positive energy flowing, and don't hesitate to reach out if you have more questions or need further clarification🚀

[@fonchadesmondsama9714]

Thanks alot Prof, you rocked it

[@MVCLogisticsAcademy]

You're very welcome! 🌟 Thank you for your kind words! I'm thrilled to hear that you enjoyed the content. If you have any more questions, want to see specific topics covered, or just want to chat about the exciting world of knowledge, feel free to reach out anytime. Stay tuned for more rocking content coming your way! 🚀📚

[@andrewkahenda1935]

Thank you Professor.

[@MVCLogisticsAcademy]

My pleasure Andrew! Thank you for watching 😁

[@basemmohamedelgamal9560]

PERFECT ,, thank you

[@MVCLogisticsAcademy]

You're welcome!

[@idaliaaguilar6064]

Hello Professor, can you please talk about all the required documentation for delivery. Thank you for you videos.

[@MVCLogisticsAcademy]

Thank you for commenting, and glad you like the content. This question can be answered in 2 ways: for domestic delivery, and for international delivery The documents required for international delivery or Importation into the United States are as follow: Commercial Invoice Packing List Certificates of Origin Bill of lading or Airway Bill letter of Instruction Importer Security Filing Form (ISF 10+2) (and some certificates depending on the commodity) However, there are other requirements that are needed for US Customs and Border Protection to allow your shipment to enter into commerce. Mainly, a Customs Bond, Importer ID number, and FDA registration numbers for your shippers/manufacturer. The documents required for domestic delivery: Delivery Order Packing List Bill of lading or Airway Bill copy Domestic deliveries are easier to manage because they are already within the commerce of the U.S. so that part of the work is done. Hope that helps and answers your question.

[@biswajitsaha2719]

Absolutely it's been a handy note. In addition, may I know the more specific role for the purchasing dept like place PO sheet, taking goods or service from concern party, etc. thanks!

[@MVCLogisticsAcademy]

Absolutely, glad to hear that the info was helpful! 😊 In the purchasing department, there's a range of specific tasks that play a vital role in keeping things running smoothly. 📝 The purchase order (PO) process involves creating and managing those essential PO sheets. It's like the roadmap for procurement, detailing what needs to be bought, from whom, and at what price. 🤝 Then, there's the critical task of liaising with suppliers or vendors, ensuring the smooth flow of goods or services into our company. This involves negotiating contracts, tracking deliveries, and maintaining strong relationships with these parties. 🚚 Managing the logistics of goods or services is another key responsibility. From receiving and inspecting deliveries to coordinating storage and inventory, it's all about ensuring everything arrives timely and in top-notch condition. Hope this sheds more light on the specific roles within the purchasing department! If you need more details or have any other questions, feel free to ask away! ✨📦

[@verorod4852]

Thank you Professor Rodriguez

[@MVCLogisticsAcademy]

You are very welcome

[@gnreddy746]

Nice session. Can u share Logistics cost breakdown in detail.

[@MVCLogisticsAcademy]

hello, I can provide you with a list of logistics costs and explain each one in detail, but exact dollar amounts for these costs will vary too much for me to comment on: -Transportation costs: Transportation costs are the expenses incurred in moving goods from one location to another. This includes costs such as fuel, labor, vehicle maintenance, and insurance. -Inventory carrying costs: Inventory carrying costs refer to the expenses associated with holding inventory. This includes costs such as storage, handling, insurance, and obsolescence. -Order processing costs: Order processing costs are the expenses incurred in processing and fulfilling customer orders. This includes costs such as order entry, order picking, and order packing. -Warehousing costs: Warehousing costs include the expenses associated with storing goods in a warehouse. This includes costs such as rent, utilities, equipment, and labor. -Customs duties and tariffs: Customs duties and tariffs are taxes imposed on imported goods by the government. These costs can significantly increase the overall cost of logistics. -Packaging costs: Packaging costs refer to the expenses associated with packaging and labeling goods for shipment. This includes costs such as materials, labor, and equipment. -Security and insurance costs: Security and insurance costs are the expenses associated with protecting goods during transit. This includes costs such as security personnel, cameras, and insurance premiums. -Compliance costs: Compliance costs refer to the expenses associated with meeting regulatory requirements such as safety regulations, environmental regulations, and labor laws. Each of these logistics costs can have a significant impact on the overall cost of logistics. By understanding and managing these costs, supply chain professionals can optimize their logistics operations and improve profitability for their business. Hope that answers your question 🙂😊

[@SimpleB2k4]

Hello Prof. Can you give an insight on what is the best pricing approach in Frame Contract covering multiple network technologies with option of Unit Price List (UPL) and Global Price List (GPL). Thanks in advance

[@MVCLogisticsAcademy]

Hello there, thank you for commenting and for your patience on a reply. Although, this is not my area of expertise, based on my knowledge and research on the topic, I will try my best to answer; The best pricing approach in Frame Contracting covering multiple network technologies with the option of Unit Price List (UPL) and Global Price List (GPL) will depend on several factors, including the company's goals and objectives, the nature of the network technologies, and the expected volume of purchases. One possible approach is to use a combination of UPL and GPL. The UPL can be used for pricing specific items or services that are used frequently, while the GPL can be used for pricing items or services that are used less frequently. This approach can help to ensure that prices are competitive and reflective of the market, while still allowing for flexibility and customization. Another approach is to use a market-based pricing strategy. This approach involves researching the market and benchmarking prices against other suppliers to ensure that prices are competitive and reflective of the current market conditions. This approach can help to ensure that prices are fair and transparent, and can also help to reduce the risk of overpaying for goods and services. Finally, another approach is to use a value-based pricing strategy. This approach involves pricing goods and services based on the value that they provide to the customer, rather than simply basing prices on cost or market conditions. This approach can help to ensure that prices are aligned with the customer's needs and objectives, and can also help to create a strong customer-supplier relationship. Ultimately, the best pricing approach will depend on the specific needs and goals of the company, as well as the nature of the network technologies involved in the Frame Contracting. I can say that companies need to carefully considering these factors, and develop a pricing strategy that is both competitive and reflective of their goals and objectives. I hope that helps, and thank you for watching 🙂😊

[@realworldlearnin]

Sweet....✨

[@generationtube6498]

Thanks

[@bensuzi9204]

Hallo Prof. thanks for this very insightful presentation. I have a question which is a bit off from your presented topic. Supplier Performance Evaluation; could you share more light on KPI/SLA development, is this a responsibility of procurement function only to develop, monitor and evaluate performance or it requires a cross-functional approach with the user/subject matter expert involved in the process?

[@MVCLogisticsAcademy]

Hello there, thank you for commenting, I believe that KPI (Key Performance Indicator) and SLA (Service Level Agreement) development is a crucial aspect of measuring and evaluating performance in procurement. It involves setting specific metrics and targets to assess the effectiveness and efficiency of procurement processes and supplier performance. While the procurement function plays a central role in KPI/SLA development, it is essential to adopt a cross-functional approach that involves collaboration with users and subject matter experts. The procurement function does take the lead in KPI/SLA development, but involving users and subject matter experts in a cross-functional approach is crucial. Their insights, perspectives, and collaboration ensure that the developed metrics and targets accurately reflect the desired outcomes, foster stakeholder alignment, optimize performance, and facilitate continuous improvement in procurement processes. I hope that answers your questions, thank you for watching 😊

[@bolowesley3574]

THANKS SO MUCH

[@MVCLogisticsAcademy]

You're very welcome! 🌟 Your enthusiasm brightens our day! If you have any more questions or topics you'd like us to cover, feel free to reach out. Keep enjoying our content, and thank you for being part of our amazing community! 🚀🎉

[@jacksonduval4995]

In my experience, procurement, buyer, and logistics are all 1. Most jobs you will do all 3

[@MVCLogisticsAcademy]

Absolutely! You're spot on! 🌟 In many industries, roles like procurement, buyer, and logistics often overlap, and it's quite common to find professionals who handle aspects of all three. It's like wearing multiple hats and juggling different responsibilities, right? 🎩🤹‍♂️ Having experience in all these areas can be incredibly valuable and versatile in the workplace. You get a well-rounded understanding of the supply chain process, from sourcing and purchasing to managing the movement of goods. It's all about being adaptable and ready to tackle whatever challenges come your way! 💪💼 Thanks for sharing your insight, and here's to wearing those multiple hats with style and expertise! 🌟 If you have any more experiences or thoughts to share, feel free to let us know. We love hearing from viewers! ✨

[@luhdacrismoto3388]

I would actually put sourcing and purchasing under the “procurement” umbrella.

[@user-fy7ug8qz8y]

Hi Prof, thank you for the insightful presentation. What's the main responsibility of an Operations Manager in Procurement?

[@MVCLogisticsAcademy]

Absolutely! I'm glad you found the presentation insightful! 🌟 The role of an Operations Manager in Procurement is multifaceted and crucial in ensuring the smooth functioning of the procurement process. The primary responsibility of an Operations Manager in Procurement revolves around overseeing and optimizing the operational aspects of the procurement function. They're the engine behind the scenes, orchestrating various processes to guarantee efficiency and effectiveness in acquiring goods and services. Here's a snapshot of their main responsibilities: Process Management: They design, implement, and refine procurement processes, ensuring they are efficient, compliant, and aligned with the company's goals. Supplier Relations: They establish and maintain relationships with suppliers, negotiating contracts, and ensuring timely and cost-effective procurement of goods and services. Inventory and Supply Management: They manage inventory levels, monitor supply chains, and coordinate with suppliers to prevent shortages or excess stock. Quality Assurance: They ensure that procured goods and services meet quality standards, conducting inspections and quality checks when necessary. Budgeting and Cost Control: They manage budgets, analyze costs, and find ways to optimize spending while maintaining quality. Team Leadership: If managing a team, they provide leadership, mentorship, and direction to the procurement team, fostering a collaborative and efficient work environment. Overall, an Operations Manager in Procurement plays a pivotal role in the smooth operation of the procurement process, ensuring that the right goods and services are obtained at the right time, quality, and price. Hope this gives you a clearer picture! If you have more questions or need further details, feel free to ask. 😊📊🌐

[@OCENISAAC-qt6hg]

Thanks 👍

[@MVCLogisticsAcademy]

You're welcome! 😊👍 If you have any more questions or need further information, feel free to ask. I'm here to help!

[@ricmayers7243]

Thanks ma'am! ❤️

[@MVCLogisticsAcademy]

Thank you for watching 😊😊😊

[@91MIJA]

Hello, I came across your yt account during researching some information about supply chain. I’ve been working in the manufacture industry since 2014. Throughout my years I’ve gotten promoted to different positions. I’m currently a Contract Coordinator but what to develop more knowledge. The company I work for has a procurement and buyer position. Is buyer the same a purchasing.

[@MVCLogisticsAcademy]

Hey there! 🌟 Thank you so much for reaching out and sharing your journey with us! It's amazing to hear about your experience and growth in the manufacturing industry since 2014. 🏭💼 Congratulations on your current role as a Contract Coordinator! Regarding your question, while "buyer" and "purchasing" are often used interchangeably, there are some nuanced differences between the two roles. A buyer typically focuses on acquiring goods and services for a company, negotiating with suppliers, and managing contracts to ensure the best value and quality for the organization. They're responsible for strategic sourcing, vendor selection, and maintaining supplier relationships. Purchasing, on the other hand, is a broader term that encompasses the entire process of acquiring goods and services, including activities like requisition, order placement, and transactional processing. It's more of a tactical function within the procurement process. So, while the roles share similarities, a buyer tends to have a more strategic focus on sourcing and supplier management, while purchasing involves more operational tasks related to placing orders and managing transactions. If you're interested in expanding your knowledge and exploring new opportunities within your company's procurement department, the buyer position could be a great fit for you! It offers a chance to delve deeper into strategic sourcing and vendor management, broadening your skill set and opening up new avenues for career growth. I hope this helps clarify things for you! Feel free to explore our channel for more insights into supply chain management and procurement. And best of luck on your journey of continuous learning and development! 🚀📚 Let us know if you have any more questions-we're here to support you every step of the way!

[@onichristopher4299]

What is the challenge in procurement and purchasing due to dollars high rate now?

[@MVCLogisticsAcademy]

Thank you for your comment. Based on what I have seen recently, I think that the challenge in procurement and purchasing due to the high dollar rate is primarily affecting the costs of imported goods. When the value of the dollar increases in relation to other currencies, it becomes more expensive to buy goods and services from other countries. This can be a significant challenge for businesses that rely heavily on imports, as they will need to pay more for the same goods or services they used to buy at a lower price. For example, if a company imports raw materials or finished goods from a country with a weaker currency, the increased cost of those goods due to the stronger dollar could eat into their profit margins. Moreover, in a highly competitive market, businesses may not be able to pass these increased costs on to their customers, which can result in decreased profits or even a loss in business. Therefore, procurement and purchasing teams need to be proactive in managing their supply chain and finding alternative sources for goods or negotiating better prices to mitigate the impact of the high dollar rate. Hope that answers your question. Thank you for watching 🙂🙂🙂

[@salommanners6515]

Hie professor, can u pls talk about factors that influence the existence of supply management

[@MVCLogisticsAcademy]

Hello There! Thank you for your comment, and will work on a video on it soon!

[@teresamenendez2730]

I have done Event Management, trading, recruitment.. would you say that this background gives a good base to start as a procurement Assistant?

[@MVCLogisticsAcademy]

Absolutely! Your diverse background in event management, trading, and recruitment can indeed provide an excellent foundation for stepping into a role as a procurement assistant! 🌟 Your experience in event management likely involved coordinating resources, negotiating contracts, and handling logistics-all skills that are highly valuable in procurement. In trading, you might have honed negotiation skills and developed an understanding of market dynamics, which are key in procurement negotiations. Recruitment experience often involves assessing needs, finding the right fit, and managing relationships-all of which are transferable to procurement. Your ability to connect with people and understand their needs can be a great asset when working with suppliers and internal stakeholders. So, yes! Your varied expertise could be an incredible asset as you step into the world of procurement. Embrace your diverse skill set-it could be just the edge you need to excel in a procurement assistant role! If you're passionate about it, go for it! 💼🌐📊

[@lovedika1]

Respectful Professor, According the explanation I believe that the Procurement and Purchasing job can be done by one department like Material Management. Is that possible? In some books, the purchasing management do all the things what we now call Procurement and Purchasing. Thanks.

[@MVCLogisticsAcademy]

Thank you for commenting, and for your patience on a reply. I will try to answer your question as best as I can based on my experience and research I have done academically. Here we go; The terms Procurement and Purchasing have been used interchangeably for many years, and there is often confusion about their meanings. However, there has been a shift in recent years towards a more strategic approach to Procurement, which has resulted in a clearer distinction between Procurement and Purchasing. In the past, Purchasing was primarily focused on the transactional aspect of buying goods and services. This included activities such as identifying suppliers, negotiating contracts, and placing orders. The focus was on obtaining the goods and services needed to keep the business running, often at the lowest possible cost. On the other hand, Procurement is a more strategic function that encompasses a broader range of activities, including identifying strategic suppliers, developing long-term relationships with suppliers, and managing supplier performance. Procurement is focused on adding value to the business by ensuring that the goods and services purchased meet the needs of the organization, not just in terms of cost, but also in terms of quality, innovation, and sustainability. One key difference between Procurement and Purchasing now compared to years ago is the level of collaboration between Procurement and other functions within the organization. Procurement is now seen as a key strategic function that works closely with other areas of the business, such as finance, operations, and marketing, to ensure that the goods and services purchased are aligned with the overall business strategy. Another difference is the use of technology in Procurement. Today, Procurement professionals have access to a range of tools and software that can help streamline the Procurement process, from sourcing and supplier selection to contract management and performance tracking. Overall, the shift towards a more strategic approach to Procurement has led to a clearer distinction between Procurement and Purchasing, and has highlighted the importance of Procurement in adding value to the business. Hope that helps, and thank you for watching 🙂😊

[@lovedika1]

@@MVCLogisticsAcademy Thanks a lot, Professor.

[@MVCLogisticsAcademy]

@@lovedika1 You are very welcome! 🙂

[@koal199]

What's the importance of negotiations in the procurement process and does the meaning of insourcing and outsourcing in the procurement management process and function? Their difference, similarities, and relationships

[@MVCLogisticsAcademy]

hello there, thank you for commenting. I can start by saying that negotiations play a critical role in the procurement process because they help ensure that both parties involved in the transaction receive a fair deal. By negotiating with suppliers, we can secure better pricing, favorable terms and conditions, and other benefits that can help our company reduce costs and improve efficiency. In addition, negotiations can help establish a strong working relationship between the buyer and supplier, which can be beneficial in the long run. By maintaining open communication and working collaboratively, both parties can identify opportunities for improvement and drive innovation in the supply chain. Now, in regards to insourcing and outsourcing, they are two approaches to managing the procurement process. Insourcing refers to the practice of managing all aspects of the procurement process in-house, using internal resources to handle tasks such as sourcing, negotiating, and purchasing. This can be beneficial for a company that has a high degree of control over their supply chain and want to maintain close oversight of their operations. Outsourcing, on the other hand, involves delegating some or all aspects of the procurement process to external suppliers or service providers. This can be beneficial for companies that want to reduce costs, improve efficiency, or access specialized expertise that may not be available in-house. Outsourcing can also help companies focus on their core competencies and strategic priorities, while leaving other aspects of the business to external partners. The relationship between insourcing and outsourcing is not necessarily one of opposition, but rather a question of finding the right balance between internal and external resources and what fits the company or business best. I hope that helps answer your question, and thank you for watching 🙂😊

[@dwiendahkusumawati7449]

So I think my work combination of purchasing procurement and supply chain???

[@MVCLogisticsAcademy]

Hey there! 🌟 That sounds like an awesome combination! 🚀💼 Purchasing, procurement, and supply chain go hand in hand to create a powerful synergy in the world of logistics and operations. It's fantastic to see someone with such a diverse skill set and expertise! 🌈🎓 With your unique blend of knowledge in purchasing and procurement, combined with your insights into supply chain management, you have the potential to make a huge impact in the industry! 🌍💪 Whether it's optimizing processes, streamlining operations, or ensuring smooth supply chain flows, your expertise is sure to shine bright! ✨🌟 Keep up the fantastic work, and I'm excited to see how your skills will continue to flourish and make a difference in the world of business and logistics! 🌟🌟🌟 Remember, the possibilities are endless with your fantastic work combination! Keep rocking it! 🎉🎉🎉 If you have any questions or need support on your journey, our community is here to cheer you on every step of the way! 🤗💖 Don't hesitate to share your experiences and insights with us - together, we'll thrive in the world of purchasing, procurement, and supply chain excellence! 🚀🌟💼

[@aal8621]

Can you please make a video of the basics we need to know for an interview?

[@MVCLogisticsAcademy]

Hello, thank you for your comment, I will work on some related content for you.

[@midhunvlogs9693]

ooh thanks mam ,,,,,,,,love you

[@MVCLogisticsAcademy]

Thank you so much for your kind words! 😊 We're here to help and support you. If you have any more questions or if there's anything specific you'd like to know or see on our channel, feel free to let us know. Your support means the world to us! 💖 Keep shining bright!

[@midhunvlogs9693]

🥰🥰🥰@@MVCLogisticsAcademy

[@subasargunam4769]

Hi prof.Could you please discuss about to study MBA in purchase management course in UK.Because as a professor you know which University is best to study and the requirements need for applying...

[@MVCLogisticsAcademy]

Hello there! 🌟 Absolutely, I'd be happy to help you navigate the exciting path of studying MBA in Purchase Management in the UK! Studying abroad, especially in the UK, is a fantastic choice for higher education. There are several esteemed universities known for their excellent MBA programs in Purchase Management. Here are a few you might want to consider: -University of Oxford: Renowned for its business programs, Oxford offers a comprehensive MBA with a focus on various specializations, including purchasing and supply management. -University of Cambridge: Another world-class institution, Cambridge provides an MBA program that emphasizes strategic procurement and supply chain management. -Imperial College London: Known for its innovation and business acumen, Imperial College offers MBA programs that often incorporate cutting-edge concepts in supply chain and purchasing. -London Business School: LBS is consistently ranked among the top business schools globally and provides a diverse and enriching MBA experience with a focus on supply chain management. Now, regarding requirements, these can vary slightly between universities and might change, so it's always best to check the specific university websites. Typically, you'll need: -A Bachelor's Degree: Usually in a related field, but some -universities accept students from diverse educational backgrounds. -Work Experience: Many MBA programs prefer candidates with some work experience, especially in managerial or related roles. -Language Proficiency: You might need to prove your English proficiency through exams like IELTS or TOEFL. -Letters of Recommendation: Often from professors or employers. -Statement of Purpose (SOP): Explaining why you want to pursue an MBA in Purchase Management and why you've chosen the specific university. -Entrance Exam: Some universities might require you to take the GMAT or GRE. Remember, each university might have unique requirements and application processes, so it's crucial to carefully review each one. Best of luck with your studies! If you have any more questions or need further guidance, feel free to ask. Your academic journey is about to get even more exciting! 🎓🌟

[@greatemc832]

Thanks for this guide, it's helpful.

[@tejaspatil2663]

Please put some lights on risk and management strategy?

[@MVCLogisticsAcademy]

Absolutely! Risk management strategy is a critical aspect of any business, and I'd be delighted to share some insights with you! 😊 One key aspect of risk management is identifying potential risks that could impact your business. This involves conducting a thorough risk assessment to understand the various threats and vulnerabilities your business may face. Once risks are identified, it's essential to develop a strategy to mitigate or manage them effectively. This may involve implementing preventive measures, such as implementing robust security protocols or diversifying your supply chain to reduce dependency on single suppliers. Communication and collaboration are also vital in risk management. Ensuring that all stakeholders are aware of potential risks and their roles in mitigating them can help facilitate a proactive approach to risk management. Lastly, it's essential to regularly review and update your risk management strategy to adapt to changing circumstances and emerging threats. By staying proactive and vigilant, you can minimize the impact of risks and safeguard your business's success. I hope these insights help! If you have any more questions or need further clarification, feel free to ask. 😊🌟

[@AyushSingh-vl4qy]

How do I start a career in buying or purchasing? I have a bachelors in supply chain but can’t find any jobs. Please advise

[@MVCLogisticsAcademy]

Hello there! 😊 I appreciate your enthusiasm for starting a career in buying or purchasing, and it's fantastic that you have a degree in supply chain! Sometimes, breaking into a specific field can be a challenge, but don't worry; there are steps you can take to get there. Networking: Connect with professionals in the field. Attend industry events, join LinkedIn groups, and reach out to alumni from your university who might be working in purchasing or buying roles. Networking can often open doors to opportunities you might not find otherwise. Internships or Entry-Level Positions: Consider internships or entry-level positions, even if they are not precisely what you're aiming for. Experience in a related role can often lead to opportunities in buying or purchasing down the line. Certifications: Look into professional certifications related to purchasing, such as Certified Professional in Supply Management (CPSM) or Certified Purchasing Professional (CPP). These certifications can enhance your skills and make your resume more appealing to employers. Tailored Resumes and Cover Letters: Customize your resume and cover letter for each job application. Highlight specific coursework or projects related to purchasing and buying from your degree. Tailoring your application materials can demonstrate your genuine interest in the field. Skill Enhancement: Polish your skills related to buying and purchasing. Familiarize yourself with relevant software and tools used in the industry. Online platforms like Coursera, edX, or LinkedIn Learning offer courses specific to purchasing and procurement. Volunteer Work or Freelancing: Offer your skills on platforms like Upwork or volunteer for non-profit organizations. Practical experience, even if it's unpaid at first, can provide valuable insights and enhance your resume. Persistence and Positive Attitude: Job hunting can be tough, but persistence pays off. Stay positive, keep learning, and believe in your abilities. Every application and interview is a chance to learn and improve. Remember, your degree in supply chain provides a strong foundation. By networking, gaining relevant experience, and continuously improving your skills, you're actively working towards your goal. Best of luck, and I believe you'll find the right opportunity soon! If you have any more questions or need further advice, feel free to ask. 😊🌟

[@SIMBAKER]

Hello now I'm living in UK and trying get a job in Supply Chain Management

[@MVCLogisticsAcademy]

Absolutely! Moving into Supply Chain Management in the UK is such an exciting step! 🌟 You didn't ask for them, but the teacher in me is dying to drop a few tips that might help you kickstart your journey: Networking: Connect with professionals in the field. Attend industry events, join relevant LinkedIn groups, and engage with people in the UK's supply chain community. Skill Enhancement: Look into certifications or courses that could boost your knowledge in specific areas of supply chain management, such as logistics, procurement, or inventory management. Tailor Your Resume: Highlight any relevant experience you have and showcase how your skills align with the requirements of the roles you're applying for in the UK market. Stay Updated: Keep yourself informed about the latest trends and innovations in supply chain management. Being up-to-date can impress potential employers. Internships or Volunteering: Consider gaining practical experience through internships or volunteer work. It's a fantastic way to learn hands-on and make valuable industry connections. Be Persistent: Job hunting can be challenging, but persistence pays off. Keep applying, follow up on applications, and stay positive throughout your job search. Good luck with your job hunt! The UK's supply chain industry is dynamic and filled with opportunities. Keep your spirits high, and remember, the right opportunity is out there waiting for you! 🌟💼🌍

[@user-qv7kf1vl5e]

What are the arguments on the statement which says purchasing is the process of obtaining right materials,at right price of right quality in right quantity, derrivered at right place?

[@MVCLogisticsAcademy]

Hey there! 🌟 That's a fantastic question! The statement you mentioned perfectly encapsulates the essence of procurement in a nutshell. Let's break it down: Obtaining the Right Materials: Procurement involves sourcing and acquiring the materials, goods, or services needed for the business operations. It's about finding the best suppliers who can provide the specific items required. At the Right Price: Price negotiation is a crucial aspect of procurement. It's not just about getting the materials; it's about getting them at a fair and competitive price that aligns with the budget and financial goals of the company. Of Right Quality: Quality is paramount in procurement. Ensuring that the materials meet the required standards and specifications is essential to maintain product integrity and customer satisfaction. In Right Quantity: Procurement also involves determining the appropriate quantity of materials needed to fulfill demand without excess or shortage. It's about striking the right balance to optimize inventory levels and minimize costs. Delivered at Right Place: Lastly, procurement includes coordinating the logistics and transportation to ensure that the materials are delivered to the right location at the right time. Timely delivery is crucial to keep operations running smoothly. In essence, procurement is all about orchestrating the entire process to ensure that the right materials are obtained, at the right price, of the right quality, in the right quantity, and delivered to the right place. It's a multifaceted role that plays a critical part in the success of any business. I hope this helps clarify the importance of the statement! If you have any more questions or need further explanation, feel free to ask. Keep those insightful questions coming! 🚀💼

[@leslieamangala4431]

So purchasing is contained within procurement? Or is it exclusive from it? You said procurement is proactive and purchasing reactive because it merely involves 'obtaining'. That indicates they are completely different. But then you went on to say that procurement is just a part of supply chain and this part also involves 'obtaining.' I am confused.

[@MVCLogisticsAcademy]

Hello there! thank you for commenting. Okay, so the way I see it is that procurement takes a proactive approach because this department (or team) has to kick things off by analyzing the company’s needs before anything is ordered. This means that purchasing is then a reactive action that happens as a consequence of procurement's planning and research. A good example/analogy is comparing procurement and purchasing to creating a budget for your food shopping for your household. PROCUREMENT is creating a budget and seeing what you ate the past month and what you plan to consume this coming month. You proactively create this "budget" ahead of time before heading out to the grocery store or supermarket so you can know exactly what you need. PURCHASING is going to the store and buying all the items you planned beforehand as a result. Hope that helps a little more, if not you can always take one of our courses where I explain this in much more details and with a live session to get all your questions answered on the spot. Check out more at: www.mvclogisticsacademy.com/courses

[@lesliejoseph2686]

Super

[@MVCLogisticsAcademy]

Awesome! I'm thrilled to hear that you're enjoying our content! 🌟 If you have any questions or if there's anything specific you'd like to see more of, feel free to let us know. We're here to make your viewing experience super enjoyable! Thank you for watching😊

[@mmtz816]

Currently pursuing supply chain management degree. How much data analysis is involved in this field?

[@MVCLogisticsAcademy]

Hey there! 🌟 That's awesome to hear that you're pursuing a degree in supply chain management! 🚀 As for your question, data analysis is like the secret sauce in the field of supply chain management. It's incredibly important! 📊💼 In today's digital age, companies collect vast amounts of data on everything from inventory levels and production rates to customer demand and transportation costs. Analyzing this data helps in making smarter decisions. Whether it's optimizing supply routes, predicting demand patterns, or identifying cost-saving opportunities, data analysis is at the core of it all. 🎯📈 So, by diving into data analysis, you're equipping yourself with a powerful skill. It's like having a treasure map; the data holds the clues, and your analysis skills unlock the secrets to more efficient and effective supply chain management. 🗺️🔍 Keep up the great work, and feel free to explore our videos for more insights into the fascinating world of supply chain management. If you have any more questions or need guidance, we're here to help! Happy learning! 🌟😊

[@ELCID612]

Can you differentiate between purchasing, procurement, material management, logistics, supply management, and supply chain management?

[@MVCLogisticsAcademy]

Hello there! thank you for your comment. And sure thing, I can explain the difference between these terms from a supply chain perspective: Purchasing = Buying This refers to the process of buying (or more formally acquiring) goods or services from an external source, typically through a transaction involving payment. Purchasing is part of procurement, and can focus on finding the right suppliers, negotiating contracts, and buying the goods or services needed to support business operations. Procurement = Larger department/area of Supply Chain This is a broader term that encompasses the entire process of acquiring goods and services, from identifying needs to making payments to suppliers. Procurement includes purchasing, but also covers other functions such as vendor selection, contract management, and supplier relationship management. Material management = Parts and Materials for the Supply Chain This refers to the planning, organizing, and controlling of the flow of materials from the point of purchase to the point of consumption. Material management focuses on ensuring that the right materials are available in the right quantities, at the right time and place, and at the right cost within our supply chains. Logistics = Storage and movement of Goods in the Supply Chain This refers to the movement, storage, and distribution of goods and materials. Logistics includes transportation, warehousing, and inventory management, as well as other activities such as order fulfillment and reverse logistics. Supply management = Strategic management of the goods in Supply Chain This refers to the management of all aspects of the supply chain, including purchasing, procurement, material management, and logistics. Supply management focuses on creating value for the organization by ensuring that the right products or services are available at the right time and cost, while also managing risks and improving efficiency. It is more strategic. Supply chain management = managing every aspect of the Supply Chain This is the overarching term that encompasses ALL of the functions involved in managing the flow of goods and services from suppliers to customers. Supply chain management includes EVERYTHING from sourcing raw materials to delivering finished products to end customers. It involves coordinating and integrating all of the activities involved in the supply chain to optimize performance and create value for the organization. Hope that helps clear it up a little more, but I will be sure to include a full video on this soon! Tks for watching!

[@condog7407]

How can I move from a logistics background to a procurement role as a young college grad?

[@MVCLogisticsAcademy]

Absolutely! 🌟 Moving from a logistics background to a procurement role as a young college grad is a fantastic career move with lots of potential. Here's a few steps that might help: Understand Procurement: Start by diving deep into what procurement entails. Understand the procurement processes, strategies, and the importance of supplier relationships. Build on Transferable Skills: Many skills from logistics are transferable to procurement. Skills like organization, negotiation, attention to detail, and a good understanding of the supply chain will be invaluable. Education and Certification: Consider pursuing additional education or certifications in procurement. This can boost your knowledge and make you a more attractive candidate. Networking: Attend industry events, join online forums, and connect with professionals in the procurement field. Networking can lead to job opportunities and valuable insights. Internships or Entry-Level Positions: Look for internships or entry-level positions in procurement. These will provide hands-on experience and help you get your foot in the door. Tailor Your Resume: When applying for procurement roles, make sure your resume highlights your logistics experience and how it's relevant to procurement. Interview Preparation: Prepare for interviews by researching common procurement questions and practicing your responses. Remember, it's a journey, and each step you take brings you closer to your goal. Stay determined, and you'll make a successful transition to a procurement role! 🚀💼 Thank you for watching!

[@shanoaugustine6718]

can you please give a clarity about purchase order, sales order, manufacturing order, distribution order, (po, so, mo, do)? please

[@MVCLogisticsAcademy]

Hello there, thank you for commenting. The best way to understand “orders” is to look at them from the user’s perspective. That’s because the use of purchase orders, sales orders, and all other orders are determined by the view of the supply chain participant. For example, a purchase order usually refers to an “outgoing” order for the purchase of goods or services. A sales order is used in the instance that the order is received on the sales side as an “incoming” order. When the entire sales process is viewed from the supplier's perspective, Sales orders are used to represent orders received by the supplier from the customer. From the buyer (customer) perspective, the same document is referred to as a purchase order. That’s because the customer is placing an order to purchase something from a supplier. In the case of manufacturing orders, this is a document used to schedule and authorize the production of specified parts or products in specific quantities. Finally, a distribution order is used to authorize the moment and monitoring of products that are moving from the supplier or manufacturer to the point of sale or customer. Hope that helps clear up your question! 😀 thanks for watching!

[@titusTh]

firstly thx butv we don't understandable very clearly the word Purchasing from Procurement

[@nurasulaiman1825]

I had masters in procurement and supply chain management how can I get job or PhD scholarship in Canada thank you

[@MVCLogisticsAcademy]

Hello There, thank you for commenting. To answer your question, let me start by saying that having a master's degree in procurement and supply chain management can be a valuable asset in pursuing a job or a PhD scholarship anywhere. Even though I am based in the U.S. and not in Canada, I can give you some general steps you can consider: 1. Update your resume/CV: You can start by updating your resume/CV to reflect your education, skills, and work experience. Highlight any relevant coursework, research projects, or internships you completed during your master's program. 2. Research job opportunities: You can start by researching job opportunities in your field of interest in Canada. Job search websites like Indeed, LinkedIn, and Glassdoor can be helpful in finding job openings. You can also check the career pages of Canadian companies that you are interested in working for. 3. Apply for jobs: Once you find job opportunities that interest you, you can submit your application. Be sure to follow the instructions for applying and include all required documents such as a cover letter, resume/CV, and academic transcripts. 4. Research PhD programs: If you are interested in pursuing a PhD in Canada, you can research universities and programs that offer a PhD in procurement and supply chain management. You can start by visiting the websites of Canadian universities and reviewing the program requirements and admission process. I did some research of my own, and I found a few options for programs in Canada that have a PhD program in Supply Chain Management: • HEC Montréal - PhD in Administration - Supply Chain Management • Concordia University - PhD in Business Administration - Supply Chain and Business Technology Management • Ryerson University - PhD in Management - Global Management and Supply Chain Management • University of Manitoba - PhD in Supply Chain Management • University of Calgary - PhD in Supply Chain Management • University of British Columbia - PhD in Operations and Logistics • University of Toronto - PhD in Management - Operations Management and Statistics 5. Contact potential PhD supervisors: Once you have identified potential PhD programs, you can reach out to potential PhD supervisors to express your interest and inquire about available scholarships. You can also ask questions about their research focus, their current projects, and their expectations for PhD students. 6. Apply for PhD scholarships: Once you have identified potential PhD programs and supervisors, you can apply for PhD scholarships. You can check the websites of Canadian government agencies, Canadian universities, and private organizations for available scholarships. I hope that helps, and remember that the job search process and PhD application process can take time and will require you to have plenty of patience, but keep at it and be persistence if this something you truly you want to pursue. You may also want to consider networking with professionals in your field and attending industry events to increase your chances of finding job opportunities or securing a PhD scholarship in Canada. If you want to discuss these steps in more detail, feel free to book a free call with me at the link below: pensight.com/x/mvclogisticsacademy/new-meeting/cbd1d4d8-6087-4856-bd04-5c3e0325174c

[@sijokurian9373]

Can you please explain the exact role of a supply chain manager in plastic pakaing industry

[@MVCLogisticsAcademy]

Hello there, I can give you an idea of some of the responsibilities for a supply chain manager in the plastic packaging industry, here are a few: -Develop and execute supply chain strategies aligned with the company's goals and objectives. -Forecast and analyze market demand to ensure adequate inventory levels and minimize stockouts. -Collaborate with sales and marketing teams to gather demand forecasts and translate them into production plans. -Optimize inventory levels, ensuring adequate stock while minimizing holding costs. -Establish and maintain strong relationships with suppliers, negotiate contracts, and manage supplier performance. -Coordinate with procurement teams to ensure timely and cost-effective sourcing of raw materials and packaging components. -Oversee production planning and scheduling to optimize resource utilization and meet customer delivery requirements. I-mplement and monitor key performance indicators (KPIs) to measure and improve supply chain performance. -Identify process inefficiencies and bottlenecks, and implement lean principles and process improvements. -Manage logistics and transportation activities, including selecting carriers, optimizing routes, and tracking shipments. -Ensure compliance with regulations and standards related to packaging materials, safety, and sustainability. -Mitigate supply chain risks, such as raw material shortages, price fluctuations, or disruptions in logistics. -Evaluate and onboard new suppliers, conducting audits and assessments to ensure quality and reliability. -Monitor and optimize packaging costs, identifying opportunities for cost reduction and value engineering. -Foster cross-functional collaboration with sales, marketing, production, and quality assurance teams. -Utilize technology tools and systems to enhance supply chain visibility, accuracy, and efficiency. -Develop and manage the supply chain budget, tracking expenses and identifying cost-saving opportunities. -Stay updated with industry trends, emerging technologies, and best practices in supply chain management. -Lead and develop the supply chain team, providing guidance, training, and performance feedback. -Stay informed about environmental regulations and sustainability initiatives, implementing measures to reduce environmental impact and promote sustainable practices. These responsibilities encompass various aspects of supply chain management, which you can see include strategic planning, procurement, production, logistics, risk management, cost optimization, supplier management, and sustainability. All which are areas a manager will need to supervise. Hope that helped, thank you for watching!

[@indranilduttaray2921]

Hi Madam , I am currently doing my Masters in Operational Excellence with focus in SCM and Logistics , I have done 6 months internship in the field of Supplier Management , 3rd Party Manufacturing and have 1 year 10 months experience in order and delivery management , which field I can search for job in the area of Supply chain , I am very much confused .

[@MVCLogisticsAcademy]

Hello! 😊 It sounds like you have a rich background in both your studies and practical experience in the field of supply chain and logistics - that's fantastic! With your Masters in Operational Excellence and your diverse internships, you've built a strong foundation in various areas. Considering your experience in Supplier Management, 3rd Party Manufacturing, and Order and Delivery Management, you have a great range of skills. You might want to explore roles in areas such as: Supply Chain Analyst: Your background in order and delivery management could be valuable in analyzing supply chain data and optimizing processes. Procurement Specialist: Given your experience in Supplier Management, you could excel in procurement, negotiating contracts and ensuring timely supplier deliveries. Logistics Coordinator/Manager: Your focus in logistics and supplier management makes you a strong candidate for roles involving coordinating shipments, managing inventory, and overseeing distribution processes. Operations Manager: With your Operational Excellence focus, you could consider roles overseeing the overall operations of a company, ensuring efficiency across various departments. Remember, the best fit for you will also depend on your personal interests and the specific aspects of supply chain and logistics that excite you the most. Don't hesitate to reach out to your professors, mentors, or career counselors for personalized advice, or email us at info@mvclogisticsacademy if you want a bigger conversation with us. You're on a great path, and the right opportunity is waiting for someone with your skills and enthusiasm! Best of luck in your job search! 🌟

[@rohitsethi1991]

HelloProfessor.I am 46 year old, working in a company as Purchasing Manager. I want to broaden my scope of work and knowledge and want to do some Supply Chain course online. Can you recommend me a course ?

[@MVCLogisticsAcademy]

Hello there! 😄👋 Thank you for reaching out and expressing your interest in broadening your scope of work and knowledge in the field of supply chain. It's fantastic to see your enthusiasm for personal and professional growth! As a purchasing manager looking to delve deeper into supply chain, I have a perfect recommendation for you. I highly recommend our online course, "Introduction to Supply Chain UPDATED." This course is specifically designed to provide a comprehensive understanding of key concepts, best practices, and practical skills needed in the dynamic world of supply chain management. Whether you're a beginner or have some prior knowledge, this course will equip you with valuable insights and techniques to enhance your expertise. You'll learn about essential supply chain components such as procurement, inventory management, logistics, demand planning, and more. Our engaging modules, real-life case studies, and interactive exercises will help you apply the concepts directly to your work. Plus, you'll have access to a supportive online community of fellow learners, where you can network, exchange ideas, and seek guidance. Also, don't worry about your age! Learning knows no boundaries, and our course is designed to cater to professionals of all ages and backgrounds. It's never too late to expand your horizons and embark on a learning journey. If you're ready to take the next step and boost your supply chain knowledge, "Introduction to Supply Chain UPDATED" is the perfect course for you! Click the link below to enroll and begin your exciting learning adventure. Feel free to reach out if you have any more questions along the way. Happy learning! 🎓✨ www.mvclogisticsacademy.com/p/intro-to-supply-chain1

[@pritidhobale4916]

Please tell me negotiation skill for it asset, software & BMS material

[@MVCLogisticsAcademy]

Absolutely! 😄🌟 I'm thrilled to share some negotiation skills for IT assets, software, and BMS materials with you! Do Your Research: Before entering any negotiation, gather information about the market value, current trends, and competitors' offerings. Having a solid understanding of the products' worth will empower you during the negotiation process. Identify Win-Win Opportunities: Focus on creating mutually beneficial outcomes. Find common ground and explore ways to add value for both parties involved. Collaboration is the key to a successful negotiation. Be Clear on Your Goals: Define your objectives and priorities before starting the negotiation. Know what you want to achieve and the concessions you're willing to make. Active Listening: Listen actively to the other party's needs and concerns. Understanding their perspective can help you tailor your approach and find areas of agreement. Build Relationships: Develop a positive rapport with the other party. A good working relationship can lead to more favorable outcomes and future collaborations. Stay Confident and Flexible: Confidence in your knowledge and preparation is crucial, but also be open to adapting your strategies based on new information or changing circumstances. Use Data and Facts: Back up your proposals with data and facts. Evidence-based arguments are more convincing and give you a stronger position in the negotiation. Be Respectful and Professional: Maintain a respectful and professional demeanor throughout the negotiation process. Being courteous and polite fosters a constructive atmosphere. Understand the Other Party's Constraints: Acknowledge the limitations or challenges the other party may face. Demonstrating empathy can lead to more productive discussions. Be Patient: Negotiations can take time, especially when dealing with complex IT assets, software, or BMS materials. Stay patient and committed to achieving the best possible outcome. I hope these negotiation tips help you in your dealings with IT assets, software, and BMS materials. Remember, negotiation is an art that improves with practice, so keep refining your skills and stay open to learning. Best of luck, and happy negotiating! 💼💪🎉

[@ahmeds4429]

Please ellaborate between supply chain and procurement

[@MVCLogisticsAcademy]

Absolutely, I'd be happy to help explain the difference between supply chain and procurement! Supply chain and procurement are both integral components of the business process, especially in industries that involve the production or distribution of physical goods. Let's break it down: Supply Chain: The supply chain encompasses all the activities, processes, and resources involved in moving a product from the supplier to the customer. It's a broader concept that includes procurement but goes beyond it. Supply chain management involves everything from product development, sourcing, production, and logistics, to the various stages of delivering the product to the end consumer. It's about optimizing all these steps for efficiency and cost-effectiveness. Example: Let's say you're running a company that produces smartphones. Your supply chain would involve sourcing the raw materials for the phone, manufacturing the components, assembling the phones, and then distributing them to retailers or directly to consumers. It also includes managing inventory, transportation, and customer service. Procurement: Procurement, on the other hand, is a specific component of the supply chain. It focuses on the sourcing, purchasing, and negotiation of goods, services, or works from external sources. Procurement is essentially the process of finding, acquiring, and buying goods, services, or works from an external source, often through a tendering or competitive bidding process. Example: In the smartphone manufacturing example, procurement would involve finding and negotiating with suppliers for raw materials like metals, plastics, and electronic components. It's the process of selecting suppliers, establishing payment terms, and ensuring the timely delivery of these materials to the manufacturing facility. So you can see how procurement is a crucial part of the supply chain process, specifically dealing with the acquisition of goods and services. While the supply chain as a whole encompasses a broader spectrum, managing the entire journey of the product from its creation to the hands of the consumer. I hope this explanation helps clarify the distinction between supply chain and procurement! If you have more questions or need further examples, feel free to ask. 😊

[@IreneYau-fu6xs]

Component in Procurement : People, Process and paperwork

[@mohibullah7135]

Hi, please need to know the types and process of procurement

[@MVCLogisticsAcademy]

Of course! I'd be happy to help you understand the types and processes of procurement. Procurement refers to the process of acquiring goods, services, or works from an external source, typically suppliers or vendors, to meet an organization's needs. There are various types of procurement, and the specific process can vary depending on factors such as the organization's size, industry, and requirements. Here's an overview: Types of Procurement: Direct Procurement: This involves the acquisition of goods and services that are directly related to a company's primary business activities. For example, a car manufacturer procuring steel for automobile production. Indirect Procurement: This type involves acquiring goods and services that are not directly tied to a company's core activities. Examples include office supplies, maintenance services, and IT equipment. Strategic Procurement: This focuses on long-term supplier relationships, cost reduction, and overall supply chain efficiency. It often involves high-value purchases and negotiations. Tactical Procurement: This type is more short-term and transactional, focusing on routine purchases and day-to-day operations. Centralized Procurement: In this approach, procurement activities are managed from a central department, ensuring consistency and cost control across the organization. Decentralized Procurement: In contrast, decentralized procurement allows individual departments or units within an organization to handle their own procurement needs, which can provide more flexibility but may result in less cost control. Procurement Process: The procurement process typically involves several key stages: Identify Needs: Determine what goods or services are required and create a detailed specification. Supplier Identification: Identify potential suppliers or vendors who can meet the requirements. Vendor Evaluation: Assess and evaluate suppliers based on factors like quality, price, reputation, and reliability. Request for Proposal (RFP) or Quotation (RFQ): Send out RFPs or RFQs to selected suppliers, outlining your requirements and asking for their proposals or quotes. Negotiation: Negotiate terms and conditions, including price, delivery schedules, and warranties, with the chosen supplier(s). Purchase Order (PO): Issue a purchase order to the selected supplier, specifying the agreed-upon terms and conditions. Receipt and Inspection: Receive the goods or services and inspect them for quality and compliance with the PO. Invoice and Payment: Receive the supplier's invoice and process payment based on the agreed-upon terms, such as net 30 days. Supplier Performance Evaluation: Continuously assess the supplier's performance to ensure they meet expectations. Contract Management: Manage long-term contracts and relationships with key suppliers, ensuring compliance and addressing any issues that arise. These are the fundamental steps in the procurement process. However, it's important to note that the process can vary widely depending on the organization's specific needs and industry regulations. I hope this helps clarify the types and processes of procurement! If you have more questions or need further information, feel free to ask.

[@welcome3419]

i work in logistics

[@MVCLogisticsAcademy]

Hey there! 🌟 That's fantastic to hear that you work in logistics! 🚚🎉 It's such an exciting and dynamic field with so many opportunities to explore. Whether you're coordinating supply chains, optimizing operations, or ensuring smooth deliveries, you play a vital role in keeping things moving! 🌍💪 As a fellow logistics enthusiast, I'm thrilled to have you as part of our community here on our KZbin page. Feel free to share your experiences, insights, and any cool logistics stories you might have. We're all about celebrating the world of logistics and learning from each other! 🚀💡 If you have any questions, want to discuss industry trends, or simply want to connect with like-minded logistics professionals, don't hesitate to reach out. Let's keep the logistics enthusiasm going strong together! 🙌📦 Thank you for being a valuable member of our community. Keep up the amazing work in logistics, and I can't wait to hear more about your adventures in this exciting field! 🎉😊✨

[@abdulmateen1045]

I would like to learn all about Procurement

[@MVCLogisticsAcademy]

Absolutely! Procurement is an exciting aspect of supply chain management! 🌟 It's all about the art of finding the best goods, services, and deals to keep the supply chain humming. You'll be amazed by how pivotal it is in the big picture! And speaking of learning, if you're eager to dive deeper into supply chain strategies, especially advanced demand forecasting, you can check out our "Advanced Demand Forecasting Strategies MASTERCLASS"! It's a game-changer for understanding how to predict demand patterns like a pro and optimize your supply chain operations 📈💡✨ #MasterclassAlert #DemandForecasting #SupplyChainStrategies Feel free to explore more about procurement and join us in mastering the intricate strategies that drive supply chain success! 🌐 Link to enroll below: 📚🌟 pensight.com/x/mvclogisticsacademy/course/205501a4-65dc-4704-ada8-7496076e9692

[@user-gj9dv4sn4o]

Why are Supply Chain Management (SCM) and Operations Management often discussed together?

[@MVCLogisticsAcademy]

Absolutely, great question! 🌟 Supply Chain Management (SCM) and Operations Management are often discussed together because they are closely interconnected aspects of a business's overall functionality! Think of them as the dynamic duo of efficient business operations. Supply Chain Management is all about the process of overseeing and optimizing the entire supply chain lifecycle, from the acquisition of raw materials to the delivery of finished products to the end customer. It involves logistics, sourcing, production, and distribution. Now, Operations Management focuses on the internal processes within a company, ensuring that the day-to-day activities are efficient and effective. It deals with things like process optimization, quality control, production planning, and inventory management. So, when these two areas join forces, businesses can achieve seamless coordination from the production floor to the customer's hands. A well-optimized supply chain enhances operations, and efficient operations contribute to a streamlined supply chain. In our videos, we often explore the synergy between these realms, uncovering how their collaboration is key to a company's success. If you're interested in diving deeper, stay tuned for more insightful content where we unravel the intricate dance between Supply Chain Management and Operations Management! 🚀📈

[@user-lc5iq1ns4b]

Hello, If you can better explain about this topics COGS, OPEX,CAPEX . Tnx.

[@MVCLogisticsAcademy]

Hey there! 🌟 Thanks for reaching out with your question about COGS, OPEX, and CAPEX! here is a brief explanation: COGS (Cost of Goods Sold): COGS refers to the direct costs incurred in producing goods or services that are sold by a company. It includes the cost of materials, labor, and overhead directly associated with the production process. Essentially, COGS represents the expenses directly tied to creating the products or services that generate revenue. OPEX (Operating Expenses): OPEX, on the other hand, encompasses all the ongoing costs associated with running a business's day-to-day operations. This includes expenses such as rent, utilities, salaries, marketing, administrative costs, and other overhead expenses. Unlike COGS, which is directly related to production, OPEX covers the costs necessary to keep the business running smoothly. CAPEX (Capital Expenditures): CAPEX refers to the investments made by a company in acquiring, maintaining, or improving physical assets that are expected to provide long-term benefits. These assets could include property, equipment, machinery, buildings, or technology infrastructure. CAPEX expenditures are typically large, one-time investments that have a lasting impact on the company's operations and productivity. Understanding these terms is crucial for effectively managing and analyzing a company's financial performance. If you have any further questions or need more detailed explanations, feel free to ask! 📊💼 Happy to help shed more light on these topics!

[@najnaj2970]

Can we talk more about contracts

[@MVCLogisticsAcademy]

Working on it! thank you for the suggestion.

[@bolowesley3574]

I AM WEST AFRICA LIBERIA

[@MVCLogisticsAcademy]

Hello from across the globe! 🌍 It's so wonderful to have you here with us, all the way from West Africa, Liberia! Your presence truly makes our global community even more special. Feel free to explore our content, learn, and connect. If you ever have any questions, insights, or simply want to share your thoughts, I'm here to listen and chat. Thank you for watching! 🌟🚀📚

[@pallavideshmukh2026]

How do I get job in this field

[@MVCLogisticsAcademy]

Of course! 🌟 Landing a job in the supply chain field can be an exciting journey, and I'm here to help you navigate it step by step! 1) Education and Skills: Start by acquiring relevant education and skills. Consider pursuing a degree in supply chain management, logistics, or a related field. Develop essential skills such as analytical thinking, problem-solving, and communication. 2) Gain Experience: Seek internships, co-op programs, or entry-level positions to gain hands-on experience in the field. This will help you build your resume and develop practical skills that employers value. 3) Networking: Networking is key! Connect with professionals in the industry through LinkedIn, industry events, and professional organizations. Attend career fairs and informational interviews to expand your network and learn about job opportunities. 4) Craft Your Resume: Tailor your resume to highlight relevant skills, experiences, and achievements related to supply chain management. Emphasize any internships, projects, or coursework that demonstrate your capabilities. 5) Job Search: Now, onto the fun part-job searching! Here are some sample job search sites where you can find opportunities in the supply chain field: LinkedIn Jobs Indeed Glassdoor CareerBuilder ZipRecruiter Supply Chain Job Board LogisticsJobsite Supply Chain Careers Remember to customize your job search filters to match your skills, experience level, and location preferences. A) Apply and Follow Up: Once you find relevant job openings, don't hesitate to apply! Tailor your application materials for each position and submit them through the designated channels. After applying, follow up with the hiring managers or recruiters to express your continued interest and inquire about the status of your application. B) Interview Preparation: Prepare for interviews by researching the company, practicing common interview questions, and showcasing your knowledge and enthusiasm for the supply chain field. C) Continuous Learning: Keep learning and stay updated on industry trends, technologies, and best practices. Pursue certifications or additional coursework to enhance your qualifications and stay competitive in the job market. Remember, the journey to landing your dream job in the supply chain field may take time, but stay persistent, stay positive, and keep learning and growing along the way. You've got this! 💼✨

[@emiliemagaan3734]

How can women make a difference in Procurement

[@MVCLogisticsAcademy]

Thank you for your comment! Great question, I think that a good way for women to make a difference in procurement is to support each other. We can do that by consciously and proactively engaging with women-owned suppliers, creating mentorship programs within companies that connect women executives with young professionals, and doing our best to encourage open and honest discussions surrounding the issues that affect us as women that work in this industry.

[@hailaygebressilassie813]

SORRY I WANT TO ASK QUESTIONS ABOUT THE MAJOR PROBLES OF WAREHOUSE MANAGEMENT

[@MVCLogisticsAcademy]

Hello there! 🌟 Great question! Warehouse management is indeed a vital aspect of supply chain operations. The challenges can be diverse but understanding and addressing them is key to smooth operations. The major problems often include optimizing space, ensuring accurate inventory, improving efficiency in picking and packing, and integrating technology for seamless tracking and management. Each of these aspects has its own complexities, but fear not - with the right strategies and technologies, these challenges can be overcome, paving the way for a well-organized and efficient warehouse. If you have more specific questions or need detailed insights, feel free to ask! We're here to help you navigate the world of warehouse management! 📦✨

[@user-cv2qh9mj3y]

Thanks

[@MVCLogisticsAcademy]

You're welcome! 😊 We're thrilled to have you as part of our community! If you have any questions or need further assistance, feel free to reach out. Keep enjoying our content, and stay tuned for more exciting videos coming your way! 🎉🚀