1. What is Inventory?

Inventory is a buffer stock of spares, raw materials, WIP and finished goods which is required as insurance against stock-outs and for meeting commitments to our Internal/ external customers.

2.What is Ideal Inventory?

This is optimum Inventory required to fulfill the customers, regular and sudden requirements.

3.Should we have an Itemcode for all items?

No.

4.What is Inventory Audit?

A scientific and proven methodology to study the Inventory in order to arrive at an Ideal Inventory.

Understand the reasons for Surplus and Shortfalls in Inventory.

5.Why do we need an Inventory Policy?

A documented Inventory policy is needed to have a common understanding on item definitions and how these items will be procured, stocked and consumed.Inventory policy aims at achieving ideal inventories.

Procurement Management Services:

1.Why is Procurement Outsourcing needed?

So that time of purchase team can be better utilized for improvement of processes.

2.What are the Modern Purchase Practices?

Application of tools like Zero defect concept, Just In Time, TQM, bench marking, Green Purchasing and Reverse Auctions.

Reverse Auctions:

1.What is a Reverse Auction?

This is an Auction in which the suppliers bid for a contract online through the mechanism of successive reducing bids.This helps in achieving the best prices, in a transparent manner.

2.Can a Supplier see the identity and identity of the other bidders?

Identity of the other bidders is not revealed, however the bids can be revealed if the Buyer wishes so.

3.What products or services would be suitable for Reverse auction?

Purchases which are of sufficient value to attract competition, with a requirement that can be accurately specified and for which there is a competitive market are suitable for a Reverse auction. For e.g Raw Materials, Packaging Material, Bulk procurement of Steel and Cement for projects etc.

4.At what stage during my procurement process should I prepare for a reverse auction?

When the requirement is freezed, RFQ are sent to the approved vendors, at this time Reverse Auction process can be initiated.

5.What is the cost of running a Reverse Auction?

At smartsourcingonline.com, reverse auctions are very cost effective, and they give you excellent value for money.

6.Are Reverse Auctions only for reducing prices?

No. reverse auctions help you achieve the right prices in a transparent manner in the shortest possible time. At the same time reverse auctions never leads towards unreasonable prices.

7.Where I can learn more about reverse auctions?

We at MMCG conduct training programs on Reverse Auctions for Purchase Managers.

Surplus Item Listing:

1. What is Surplus Inventory?

Items which are not required in near future, other than those in mandatory category are named as Surplus.

2.How does smartsourcingonline.com helps in liquidating my Surplus?

Smartsourcingonline.com provides a platform where you can list your surplus items. Prospective buyers can search the items of their interest. You can then sell your items to the buyers at mutually agreed terms.

3.Can I list used items in Surplus Items Listing?

Yes. But the seller has to specify at the time of listing.