Five best practices in purchasing

1.   Examine your supplier relationships on a regular basis. When is the last time you reviewed your supplier relationships? Long-term supplier relationships should be based on competitive pricing, a continuing flow of new, "better, faster, less expensive" ideas, constantly improving quality and excellent service; not free lunches and tickets to sporting events.

2.   Develop a scorecard to track supplier service, quality, delivery and price. Quantify mutually agreeable performance expectations and then measure the performance. Build in goals for annual improvement targets and ask suppliers for recommendations on how they can achieve them. On the back end, be sure to thank suppliers who meet or exceed your expectations. A little appreciation can really stimulate extra effort.

3.   Right size your supplier list to leverage value. Examine suppliers by category and look for ways to consolidate purchases; more volume through fewer suppliers typically results in lower unit costs and always results in reduced soft costs (invoice processing, accounts payable, supplier meetings, etc.). Then, create an approval process that limits the addition of new suppliers.

4.   Get the executive team behind purchasing 100%. Like many other company-wide initiatives, achieving excellence in purchasing practices requires support from the top down. Many small companies can't afford purchasing departments, but someone should be accountable for and have authority to control purchasing outlays. Lack of accountability is an enabler of higher operating expenses. The purchasing group (or person) should report to the CFO, COO or CEO to ensure direct access for key expense discussions.

5. Focus on improved supplier contract development and management. Companies are regularly trapped in hard-to-end "evergreen" contracts or in contracts skewed to the benefit of suppliers. Good contracts should contain key performance indicators as well as service level agreements with appropriate carrots and sticks to incent the desired supplier performance. Good centralized record keeping on contract terms can be enormously valuable, yet few companies seem to do it. All new contracts should be stored in a common database for easy future reference. 

Ten Keys to Effective Purchasing

1.   Improve your vendor relationships.

2.  Develop a scorecard for keeping track of vendors’ service.

3. Obtaining the right information = right sizing your vendor list and vendor costs.

4.  Create a purchasing staff with the following characteristics.

Analytical - Ability to work in other parts of the organization (Sales, operations, finance) - Business knowledge - Compliance to policies - Legal knowledge - Great negotiation skills.

5.  Get the executive team behind purchasing 100%

6.  Enforce a preferred vendor list

7.  Structure centrally led, but locally implemented teams

8.  Develop strong negotiation skills

9.  Use technology to propel yourself ahead of your competition

10. Design an incentive program that actually profits the individual and the company

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E - Barter

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Organizational Conflict

Organizational conflict is a state of discord caused by the actual or perceived opposition of needs, values and interests between people working together. Conflict takes many forms in organizations. There is the inevitable clash between formal authority and power and those individuals and groups affected. There are disputes over how revenues should be divided, how the work should be done, and how long and hard people should work. There are jurisdictional disagreements among individuals, departments, and between unions and management. There are subtler forms of conflict involving rivalries, jealousies, personality clashes, role definitions, and struggles for power and favor. There is also conflict within individuals  between competing needs and demands  to which individuals respond in different ways.

Types

Conflicts in work situations may also give rise to organization related individual consequences.

1)   Job dissatisfaction

2)   Apathy or indifference to work

3)   Role-set members & the company

4)   Job stress & burnout

5)   Disloyalty

6)   Work sabotage

7)   Employee turnover

8)   Increased territoriality & resistance to change

9)   Decreased information sharing.

Role of Conflict In Industry

Psychological Responses

1)   Inattentiveness to other things

2)   Lack of interest in work

3)   Job dissatisfaction

4)   Work anxiety

5)   Estrangement or alienation from others

6)   Frustration

Behavioral Responses

1)   Excessive smoking

2)   Alcoholism

3)   Under eating or overeating

4)   Aggression towards others or work sabotage

5)   Decreased communication

6)   Resisting influence attempts

Physiological Responses

1)   Peptic ulcers

2)   Respiratory problems such as asthma

3)   Hypertension

4)   Headaches

5)   Coronary problems

Resolve the Conflicts

1)   Motivate individuals to do better and to work harder.

2)   Satisfy certain psychological needs like dominance, aggression, esteem and ego, and thereby provide an opportunity for the constructive use and release of aggressive urges.

3)   Provide creative and innovative ideas.

4)   Add variety to ones organizational life, otherwise work life would be dull and boring.

Interpersonal Relationship

An interpersonal relationship is an association between two or more people that may range from fleeting to enduring. This association may be based on, love and liking, regular business interactions, or some other type of social commitment. Interpersonal relationships take place in a great variety of contexts, such as family, friends, marriage, associates, work, clubs, neighborhoods, and churches.

Interpersonal Relationship in the Industry

In the day to day functioning of the organization, superiors delegate work to their assistants. Each activity cannot be handled and monitored by the bosses. Somewhere bosses have to trust on the colleagues. As a leader, superiors must take a necessary action to build the.

Trust is a feeling

Trust is acceptance

Trust is Care 

Trust is respecting the values

Trust is integrity

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National Bank for Agricultural and Rural Development

NABARD is a central or apex institution for financing agricultural and rural sectors

It was set up on July 12,1982 under an act of parliament.

Objectives 

1) Long-term finance for minor irrigation, plantation, horticulture, land development, farm mechanism, animal husbandry, fisheries etc.

2) Short-term loan assistance for financing of seasonal agricultural operations, marketing of crops, purchase/procurement/distribution of agricultural inputs etc.

3)   Medium-term loan facilities for approved agricultural purposes.

4)   Working capital finance for handloom Weavers.

5)   Refinance for financing government-sponsored Programmes such as Rojgar Yojana,etc

6)   NABARD provides financial assistance, especially, to co-operative credit, in the field of agriculture, small-scale industries, cottage and village industries handicrafts and allied economic activities in rural areas.