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Objective of Purchase Management

1.) Purchase at Minimum Cost
2.) Maintain Inventory Level
3.) Establish good relations with suppliers
4.) Identification of Alternative suppliers
5.) Coordinate with different departments
6.) To maintain Record for Future Use

1.) Purchase at Minimum Cost

The first objective of purchase management is to buy at the minimum possible cost by maintaining quality.

2.) Maintain Inventory Level

The future is uncertain, and to deal with the future uncertainty, the management must make proper arrangements to maintain a reasonable level of inventory.

3.) Establish good relations with suppliers

Timely delivery of good quality raw material is very important as of late delivery delays the other activities.

4.) Identification of Alternative suppliers

In the previous point, we discussed that there should be a good relation with the supplier to ensure the smooth flow of material. But it can be possible that supplier has lack of raw material, transport facility not available at that time, etc.

5.) Coordinate with different departments

Purchase management should coordinate with other departments or divisions to collect the timely requisition of the material required by them so that the work does not suffer.

6.) To maintain Record for Future Use

Purchase management maintains records of all its transaction and operation. These records help to make the assessment of future requirements and for dealing with any mismatch or miscalculations made by the suppliers.