Every organization needs to acquire (procure) goods, services and work that is vital to the organisation. Procurement can help to streamline processes, reduce raw material prices and identify better sources of supply. Procurement can help organisations control spend; with organisations spending more than two third of their revenue on procurement, even small cost reduction can have a big impact. Corruption adds up to 25% of the cost of procurement contracts in developing countries and can add up to 10% of business costs globally. Proper procurement practices can help to prevent corruption as well as improve accountability which can protect your brand. With the changes to the procurement legislation in Trinidad and Tobago, the new regulatory framework will create new job opportunities in Procurement and Supply Chain.
