So the major news for today:
Mr. Barack Obama is elected as the 44th President of United States.
This means – the first black to head the nation.
According to me, this would be the “last nail hammered to the Racial Discrimination Coffin”. Hopefully something changes in the name of community and peace brought out in the nation as well as outside.
Something new i came across today:–
Today, while i was doing my work at office, i came across these two interesting concepts called as plan-driven procurement and maverick spend.
Thought of sharing the same, and i apologise for picking these definitions and descriptions from the web.
Plan driven procurement:
The Plan-Driven Procurement integration scenario is used to procure planned goods, the requirements of which are generated from a planning system, such as a materials requirement planning system. The integration scenario covers all stages of the procurement process: demand planning, creation of a purchase order, sending the purchase order to a supplier, goods and service acknowledgement, invoice verification, and payment.
Plan-Driven Procurement streamlines the materials planning and procurement processes, ensuring tight integration between them and automating them wherever possible. It also provides an overview of production planning and materials movements, allowing companies to identify potential bottlenecks and react accordingly.
Maverick Spend (wiki definition):
“Maverick” spend is the process whereby requestors (those who are creating a request for an item or service that will be turned into an order to a supplier) buy items or services that are outside the preferred process or system. This often means that a “maverick” purchase typically results in an individual or department buying an item in an ad-hoc fashion that results in paying a 20% premium for that item. Instead of buying from a preferred supplier with which the company has negotiated a contract with discount pricing, an individual goes outside the normal process and purchases that same item at retail.
This is often hard to enforce unless some control mechanism (often technological) is put in place that:
1) prohibits this type of purchasing
2) sets up penalties for these types of purchases
3) puts into place some type of approval or check and balance system.
Sounds interesting? Good…! I shall keep posting about technical stuff that i come across just FYI… 🙂