Purchasing is a subset of the broader procurement process and refers specifically to the transactional activities involved in acquiring goods or services from external suppliers to meet an organization's needs. It encompasses the actual buying or ordering of goods or services, as well as the associated administrative tasks such as issuing purchase orders, receiving goods, processing invoices, and making payments. Purchasing process takes up large amount of resources and time inside a supply chain organization. Sunstream with its procurement process outsourcing services can assist customers in reducing the overall cost and efficiency of this process. Here's a breakdown of the purchasing process which Sunstream can support: 1. Requisitioning: The purchasing process typically begins when a department or individual within the organization identifies a need for goods or services. This need is communicated through a purchase requisition, which specifies details such as the item description, quantity, quality requirements, delivery deadlines, and any other relevant information. Our team can ensure that each PR is created with all details meeting organizational, legal and technical guidelines. 2. Vendor Selection: Once a purchase requisition is received, Sunstream team can reach out to vendors based on the preference criteria. This may involve assessing factors such as supplier reliability, product quality, pricing, delivery capabilities, location and compliance with contractual or regulatory requirements. 3. Request for Quotation (RFQ) or Proposal (RFP): Depending on the complexity of the purchasing requirement, Sunstream team can request for quotation (RFQ) or request for proposal (RFP) to solicit bids or proposals from potential suppliers. These documents outline the organization's requirements and invite suppliers to submit pricing and other relevant information for consideration. We will consolidate the replies to RFP and submit to the decision maker. 4. Negotiation: After receiving quotations or proposals from suppliers, the organization may engage in negotiations to finalize the terms and conditions of the purchase. Sunstream team can support negotiating pricing, delivery schedules, payment terms, warranties, and other contractual terms to ensure that both parties reach a mutually beneficial agreement. 5. Purchase Order Creation: Once negotiations are complete and a supplier has been selected, tSunstream team can support creation of a purchase order to formalize the agreement. The purchase order specifies details such as the item description, quantity, price, delivery date, terms and conditions, and other relevant information. We will also ensure that POs are delivered to supplier and confirmation is received. 6. Order Fulfilment: Upon receiving the purchase order, the supplier processes the order, prepares the goods or services, and delivers them to the organization according to the agreed-upon terms. This may involve packaging, shipping, delivery, installation, or other fulfilment activities depending on the nature of the purchase. Tracking this activity with your supplier is very important to ensure successful fulfilment. Sunstream can support the fulfillment by closely tracking the process and stages. 7. Receipt and Inspection: Upon receiving the goods or services, the organization inspects them to ensure they meet the specified requirements and quality standards. Any discrepancies or issues are communicated to the supplier for resolution before acceptance. Sunstream team will support in verifying GR (goods received) note and ensure the final product has been delivered in good condition. 8. Invoice Processing: After confirming receipt and acceptance of the goods or services, the organization processes the supplier's invoice for payment. This involves verifying the accuracy of the invoice, matching it with the purchase order and receipt documentation, and initiating payment according to the agreed-upon terms. Sunstream team can ensure everything is verified and invoice is passed on to finance for payment. 9. Supplier Relationship Management: Effective purchasing also involves managing relationships with suppliers to foster collaboration, address issues or concerns, and drive continuous improvement. Our services will include providing feedback, monitoring performance, and resolving disputes or conflicts as needed.