Study On Optimizing Procurement Process for Cost Efficiency and Financial Control in IITM Pravartak Technologies Foundation

Study On Optimizing Procurement Process for Cost Efficiency and Financial Control in IITM Pravartak Technologies Foundation

AAKASH E.1, Dr. A. Palani2

1B.Com (General)., MBA., Sathyabama Institute of Science and Technology, Chennai, Tamil Nadu, India

2Assistant Professor, School of Management Studies, Sathyabama Institute of Science and Technology, Chennai, Tamil Nadu, India

ABSTRACT
This study delves into the optimization of procurement processes with a dual focus on cost efficiency and financial control. The overarching objective is to identify strategies and practices that enable organizations to streamline their procurement operations while ensuring prudent financial management. Key areas of investigation include the identification of cost-saving opportunities within the procurement process, the enhancement of financial oversight mechanisms, and the streamlining of procurement procedures to minimize inefficiencies and wastage. Additionally, the study explores methods for improving supplier relationships to secure better terms and reliability, as well as strategies for mitigating supply chain risks to safeguard financial interests. Compliance with relevant regulations and policies is also emphasized to avoid legal repercussions and reputational damage. Finally, the study advocates for the implementation of continuous improvement practices within the procurement framework, promoting a culture of ongoing refinement to optimize efficiency and effectiveness. Through comprehensive analysis and practical recommendations, this study aims to provide valuable insights for organizations seeking to optimize their procurement processes for enhanced cost efficiency and financial control.