Time Is Money in Procurement

Hackett, Greg
January 1999
Financial Executive;Jan/Feb1999, Vol. 15 Issue 1, p48
Academic Journal
The article reports that procurement departments are using best practice methods to achieve efficiency and control costs. World class companies are simplifying processes and procurement procedures, connecting the procurement and finance departments to improve information flow, and using purchasing cards for small transactions with suppliers. Suggestions for requisition and purchase-order processing include: automation of general ledger account validation and routing and approval verification; use of blanket purchase orders; and posting procurement card transactions to individual general ledger accounts for each card. Risk exposure and the time spent on lower value-added activities in procurement are mentioned. INSET: Doing It Right.


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