Purchase Requisitions from the different departments must be properly evaluated by immediate supervisors so that only essential purchases are approved. Moreover, purchasing departments should establish criteria on vendor selection. All facets of vendor selection must be carefully examine to get the best vendors that matches the business requirements.
One of the most crucial aspect that every business must consider is the price. Is the purchase price within the working budget of the company? If it exceeds, does the company benefit from the additional investment? Are there any other items that are more important than the price? It is advisable to do a cost-benefit analysis.
Communication and monitoring are also important. Did you received the actual specifications of the products or services? Were the products delivered on time?
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