Supply management and procurement is an area that has grown in importance over the last fifty years. Today, this department must take into account many risks based on climate, political, and social risks. It must protect the reputation of corporations by ensuring ethical and socially responsible actions by suppliers and requires economic and financial understanding to monitor the fluctuations in availability, pricing, and currency fluctuations. Procurement is also a controlling element of the company. It makes sure that products are accurately described to ensure the purchase of the right products and works with other areas to determine specifications and quality. Procurement also balances the lowest purchase costs with all other impacts on the company, including time to receive the product. Procurement has become a global function with suppliers located close to production facilities or located on the other side of the globe.
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