Summary
In this chapter, we have reviewed all the procurement and sourcing processes, starting from the setup, creation, and execution of the purchase order process.
Then, we discussed purchase solicitation and the RFQ process, which allows vendors to quote for requirements made in our company and let the purchasing department compare the offers and select the best one.
After that, we learned about the vendor collaboration portal, which allows the company to communicate smoothly with vendors, optimizing processes that are usually handled by alternate forms of communication such as emailing.
Vendor rebates show us how to handle rebate contracts and process vendor invoicing in a controlled way. Finally, we closed this chapter by reviewing the vendor consignment process with all the dos and don’ts and recommended practices.
In the next chapter, we will review all the relevant information related to quality. Having reasonable control over the quality of our inventory...