Procurement Challenges in the Retail Sector
Added on 2021-04-19
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Running head: PROCUREMENT CHALLENGES IN IT SECTORIT Procurement Challenges in the Retail SectorName of the StudentName of the UniversityAuthor’s note:
PROCUREMENT CHALLENGES IN THE IT SECTOR1AbstractProcurement is one of the necessary functions in the retail sector. The purpose of this report is toexamine the role that is performed by the functions in procurement in business sector. The studyalso reveals the various challenges that are faced by experts in developing economies. The studyfound out the fact that there were several reasons, which were the major challenges that werebeing faced by the procurement issues in some sectors. This report also suggests the varioussolutions that could be implemented for a proper working of the procurement function.
PROCUREMENT CHALLENGES IN THE IT SECTOR2Table of Contents1. Introduction..................................................................................................................................32. Analysis of the Importance of Procurement in the IT Sector......................................................32.1 Role of Procurement in Supporting the Strategy of Business...............................................32.2 Structures of the Organization in the Industry Sector...........................................................42.3 Procedures of Purchasing in the Industry Sector...................................................................52.4 Important Legal Aspects Related to the Industry Sector.......................................................53. Analysis of the Procurement Challenges in the IT Sector...........................................................64. Conclusion...................................................................................................................................85. References....................................................................................................................................9
PROCUREMENT CHALLENGES IN THE IT SECTOR31. IntroductionIn the new age of Information Technology, many of the important decisions have animplication of procurement, which could impact the total cost of carrying out the decision. Thecost could include the overall cost of the goods or services. In the IT sector, the function ofprocurement is seen as a strategic function that works to improve the profitability of theorganization [2]. Procurement could be helpful in streamline of processes. It can also help inreducing the costs of the raw materials. The function of procurement is greatly concernedregarding obtaining the necessary services and goods from the proper suppliers. This couldenable the organization to meet the strategic objectives in an effective, efficient and economicmanner, which could influence the success of an organization [3]. 2. Analysis of the Importance of Procurement in the IT Sector2.1 Role of Procurement in Supporting the Strategy of BusinessProcurement plays a major role in approaching the strategy of business. These could beachieved in two ways. Firstly it could be performed by different activities from competitors andby performing the same activities in a better way. Procurement could be supported in a differentstrategy. It could serve as a distinguishing competence in implementing same strategies in abetter way than other competitors [6]. In the recent market, the professional people who are engaged in procurement are highlyexpected to develop options, which could help their business organization to stay in thecompetitive market. The proper evaluation of the costs of the transaction is a major issue for thetrade purpose and the various decisions in investment. This could be helpful in ensuring theprofit and larger volumes of purchases [4].
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