No country in this world is completely self-sufficient with regard to its material needs. For their specific use, some items are imported from other country. Import means purchasing from a source beyond the territorial jurisdiction of the company and an industrial organisation requires certain materials, plants and equipment which are either not available within the country or are available from a foreign source at a cheaper price. For many organisations, there may be a number of items of regular use which have to be imported from abroad while for others, only a few items may have to be imported. Usually, it is the duty of the purchase department of the organisation to make all arrangements with regard to import of all items and to procure them in time. This comes under the category of specialised buying.
In this unit, the various aspects of specialised buying and vendor management required for this special purchasing are covered. The importance of computerisation and the knowledge of legal aspects involved in the specialised buying are also dealt with.
Objectives
After studying this unit, you should be able to
- conceptualise specialised buying and imports,
- describe issues related to vendor management such as source selection, vendor registration and development,
- explain vendor rating and its associated methods,
- appreciate the importance of documentation of processes, codification, and IS0 9000 certification, and
- discuss role of computerisation of materials management activities, and legal aspects involved in procurement and purchasing.
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