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What is procurement and supply management?

What is it?

Procurement and supply management involves buying the goods and services that enable an
organisation to operate in a profitable and ethical manner.

What's involved?

Responsibilities vary from sourcing raw materials and services to managing contracts and
relationships with suppliers.

Why does it matter?

Procurement is often responsible for up to 70% of companies' revenue, so small reductions in


costs can have a huge impact on profits.

A career in procurement is:

Rewarding

Organisations can spend more than two thirds of revenue on procurement, so even small cost
reductions can have a big impact.

Challenging

You need to demonstrate a variety of skills, including good business sense, financial
management, and a flair for communication and negotiation.

Recognised

Top buyers are in huge demand around the world and can achieve extremely high positions
within companies.
Strategic

Procurement is aimed at managing the supplier base and maintaining long term relationships
with suppliers.