Strategic Role Of Procurement On Organizations

Strategic Role of Procurement on Organization’s ProfitabilityName:Institutional affiliation:AbstractThe competition in today’s world has effectively transformed the approach of organizations in relation to achieving profits. The world has become less complex due to globalization and organizations have embraced the internationalization aspect. Due to these factors the level of competition has increased which has forced organization to look into some of their functions for profitability purposes. Procurement has emerged as one of the important functions of the organizations in relation to the profitability. This paper critically looked into the strategic role of procurement in organization’s profitability. The paper further discussed the major impact of the procurement role in enabling the organizations achieve their objectives.Keywords: Procurement, Profitability, Acquisition, Competition Table of Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc462911909 \h 2Strategic Role of Procurement on Organization’s Profitability PAGEREF _Toc462911910 \h 3Introduction PAGEREF _Toc462911911 \h 3General Overview of the Procurement Function in Organization’s Perspective PAGEREF _Toc462911912 \h 3Discussion PAGEREF _Toc462911913 \h 5Keep Organization in Operation PAGEREF _Toc462911914 \h 5Controlling Total