From the course: Purchasing Foundations
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The purchasing process
- Have you ever heard of a chief purchasing officer? Like a chief executive officer, a chief information officer. A member of the highest level of executives in the company, but this person is responsible only for the purchasing function. Well, we are now seeing more and more US companies elevate purchasing to this very significant level, and that's the number one thing I want you to take away from this session. Purchasing is important. Now why is that? First and foremost, purchasing is very important to the company's success because of its impact on costs. In many manufacturing companies today, more than half the cost of making a product is attributed to the company's suppliers. The people who provide materials and components and assemblies to your factory. And it's the purchasing group that buys those needed goods and services in a manner that provides maximum value for your company. By the way, that's a pretty good definition of the term purchasing. The purchasing department…
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