What is meant by Acquisition management?
The term "acquisition management" refers to the administration and organization of procurement and acquisition processes within an organization. This includes planning, executing, and monitoring acquisition activities to ensure that necessary resources, services, or products are procured efficiently and cost-effectively.
Typical software functions in the area of "acquisition management":
- Supplier Management: Managing and evaluating suppliers, including tracking supplier performance and maintaining supplier relationships.
- Order Management: Creating, processing, and tracking orders.
- Quotation Management: Requesting and managing quotations from various suppliers.
- Cost Control: Monitoring and managing expenses to ensure the budget is adhered to.
- Contract Management: Managing contracts with suppliers, including monitoring contract terms and durations.
- Inventory Management: Monitoring and managing inventory levels to ensure necessary materials are available on time.
- Reporting: Creating reports on procurement activities, expenses, and supplier performance.
- Demand Planning: Analyzing and forecasting demand to ensure the right quantities are procured at the right time.
- Approval Workflows: Automated approval processes for orders and expenses.