December 5, 2017

Procurement

Procurement is the act of purchasing or otherwise taking possession of something, especially for business purposes.

In MonsoonSIM, Procurement is one of the core modules. In our model, all purchases must go through Procurement department. Hence, Procurement is one of the most important modules. Learners are encouraged to start with the basic module, called Baseline model, and slowly progress to more advanced functionalities.

Here are some of what you will learn in the MonsoonSIM Procurement (Baseline):

  • How purchasing and payment transactions are recorded in Accounting
  • How to analyze vendor performance
  • How the entire process from Procurement to Payment works
  • Concept of vendor Lead Time
  • Concept of late delivery
  • Concept of Purchase Order
  • Concept of Purchase Request
  • Concept of Bulk Discount
  • Concept of Price fluctuation due to demand pressure
  • Concept of staff impacts (both in terms of staff competency as well as headcounts)

Here are some of what you will learn in the MonsoonSIM Procurement (Advanced):

  • Concept of Future Delivery
  • Concept of Blanket PO
  • Concept of Vendor Credit Limit
  • The effect of currency exchange on product pricing