PROCUREMENT WORKSHOP MRanger

Information about PROCUREMENT WORKSHOP MRanger

Published on January 22, 2008

Author: Ubert

Source: authorstream.com

Content

THE UNIVERSITY OF THE WEST INDIES :  THE UNIVERSITY OF THE WEST INDIES The Office of Finance WORKSHOP for Deans, Heads of Department & Administrative Personnel Slide2:  To assist you in: Achieving your targets Developing excellent procedures Improving your system of financial management and accountability Slide3:  Basics: The organisation obtains the goods & services it needs to function via the procurement process. The procurement process should therefore be extremely important to persons vested with the responsibility of ensuring that the UWI achieves best value for money expended. Slide4:  OK…but why is Procurement so critical? Slide5:  Optimum use must therefore be made of the limited funds available to: Our Reality: Funding Challenges carry out day-to-day activities [eg. teaching & administration] enable / strengthen research ensure that, ultimately, the UWI remains viable. Slide6:  Accounting/Financial focus: Stock / Inventory / Goods = Academic focus: Interest in the procurement process as far at it impacts activities eg. teaching, research etc. The unavailability of critical goods and services can have detrimental results!! Vulnerability: great potential for loss! But at the end of the day both groups really do have the SAME GOALS i.e. we both want success for the UWI! Slide7:  Collective interest is best served if the Organisation’s purchasing objective is to: Acquire goods and services: that are of the best quality at the most competitive /advantageous prices within the required time. Ensure that the procurement process is carried out in a professional manner using sound and ethical purchasing techniques. PURCHASING OBJECTIVE Slide8:  BEST PRACTICE The Policy of the University of the West Indies pertaining to Purchasing, Procurement and Contracts is outlined in Chapter 5 of the revised Financial Code and the accompanying Procedures and Guidelines (now being finalised). Additionally, the Financial Code provides the framework for the Procurement Manuals that have been/are to be developed at the individual campuses of the UWI to ensure that ‘best practice’ is observed in day-to-day procurement activities. WRITTEN POLICIES & PROCEDURES Slide9:  WRITTEN POLICIES & PROCEDURES contd. Comprehensive BEST PRACTICE process of determining reputable suppliers; careful evaluation of potential suppliers’ background to select those that best fit the needs of the University research of markets for goods and services to identify cost-effective options establishment of authorisation levels/limits for different types of expenditure based on their nature and value Slide10:  BEST PRACTICE Transparency Mandatory Availability of information and documentation on contracts and transactions including prices, supplier details, competitive tendering and ordering procedures to prevent the University’s exposure to risk. - Ensure compliance with the University’s financial regulations, procurement policy and procedures. - Stipulation of sanctions where violations occur. WRITTEN POLICIES & PROCEDURES contd. Slide11:  PROCUREMENT PERILS IGNORING CREDIT TERMS! Not taking full advantage of suppliers’ invitation to defer settlement is tantamount to inefficient cash management. IMPROPER MANAGEMENT OF STOCK LEVELS! Careful attention should be given to order quantities. Funds tied up in unused stock for long periods equates to bad cash management. Stock levels should be monitored to avoid both overstocking and ‘stock-outs’. Slide12:  PROCUREMENT DO’s Employ a centralised purchasing system [particularly for larger, more costly items] to maximise cost- effectiveness and savings. Benefits: capitalise on the bargaining strength gained from volume purchasing: obtain discounts, favourable price negotiations etc. greater possibility that suppliers are reputable and therefore quality and fitness for purpose will less likely be compromised avoid costs associated with unnecessary duplication Slide13:  Develop a positive, professional relationship with suppliers: can minimise procurement problems and can be useful in emergencies and crisis situations eg. shortages PROCUREMENT DO’s contd. Eliminate pre-payments wherever possible: Capitalise on long-standing associations with suppliers to obtain the most beneficial payment terms. As much as possible, aim to delay payment until after receipt of goods / service. Slide14:  PROCUREMENT DO’s contd Frequent monitoring of expenditure: prompt awareness of budget over-runs prompt awareness of unauthorised expenditure early signal of the existence of fraudulent activity Benefits: Slide15:  PROCUREMENT DO’s contd. ENFORCE THE UWI’s WRITTEN POLICIES and GUIDELINES ON PROCUREMENT!! Slide16:  POSSIBILITIES… In keeping with technological trends, we must be prepared to explore and, where feasible, take advantage of: E-Procurement a properly implemented system can connect organisations directly with their suppliers in a very interactive way well-managed e-procurement helps reduce inventory levels Slide17:  Prudent business practices must be adopted in procurement activities to maximise the value of supplies and services received in return for dollars spent. In an environment of shrinking resources, managers and custodians must be committed to the astute management of the University’s resources.

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