Vendor development & Procurement Executive

Job Description

The Procurement Executive is responsible for managing the purchasing process of goods and services needed by the company. This includes identifying suppliers, negotiating contracts, managing relationships, and ensuring timely delivery of quality products at competitive prices. The role plays a vital part in the supply chain and is integral to ensuring cost-effective procurement processes while maintaining the highest standards of quality and efficiency. Procurement Planning - Collaborate with internal departments to understand purchasing needs and specifications. Monitor inventory levels and recommend orders to maintain stock. Supplier Management - Identify and evaluate potential suppliers based on quality, cost, delivery time, and service. Negotiate prices, terms, and contracts with suppliers. Develop and maintain strong relationships with vendors and suppliers to ensure reliable supply chains. Monitor supplier performance and resolve any issues related to product quality or delivery timelines. Purchase Order Management : Create and manage purchase orders, ensuring that all details are accurate and timely. Follow up on orders, tracking delivery schedules, and ensuring products arrive on time. Maintain records of all purchasing transactions and contracts. Cost Control and Budget Management : Monitor procurement budgets and ensure adherence to spending limits. Work with the finance department to ensure accurate invoicing and payments to suppliers. Identify cost-saving opportunities and optimize procurement processes. Compliance & Risk Management : Ensure compliance with company policies, industry regulations, and legal requirements during procurement activities. Maintain accurate and organized records of contracts, orders, and supplier communications. Conduct regular audits to ensure the procurement function is running efficiently and in compliance. Reporting and Performance Metrics: Prepare and present regular reports on procurement activities, expenditures, and vendor performance. Provide insights on opportunities for process improvements and cost savings. Track key performance indicators (KPIs) related to procurement efficiency. Collaboration and Coordination: Coordinate with internal departments, such as production, operations, and logistics, to ensure smooth procurement and supply chain processes. Work closely with the logistics team to ensure efficient delivery and receipt of goods.