FIVE WAYS COMPANIES CAN WORK MORE CLOSELY TO ACHIEVE EFFICIENT MANAGEMENT OF PROCUREMENT SYSTEM IN GHANA

Answer & Explanation:

1) Incorporating a contract management system: Technology can be used to incorporate a corporate management system. It saves a lot of time in creating new contracts for new suppliers.

2) Maintain good supplier relationships: This increases goodwill of the company as the importance of a healthy supplier relationship can not be overemphasized.

3) Increasing employee capability through training and development: Training and development impacts positively on the company's productivity and profitability. As such the more employees are trained on procurement processes the more improvement the company will experience.

4) Reduce expenses: This is the ability to reduce cost while procuring the items a company needs.

5) Using analytical and negotiation skills: Planning and projects execution involves lots of negotiation.

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