Procurement Services at RIIL are focused on QCDC (Quality, Cost, Delivery and Compliance) in Indirect Material Procurement area. At RIIL, we provide the infrastructure and applications to dynamically assemble the right business, services and partners to serve all customer segments thereby building and strengthening business partner relationships for greater loyalty and liquidity. As India’s’ leading Value Added Service Provider, our services are aimed at achieving customer end goal of cutting costs, reducing lead time and reducing time to market through our value based approaches.
RIIL offers each of the following as a stand-alone service offering or grouped together as part of a much broader Procurement offering. Procurement Services at RIIL is a blend of e-procurement + Procurement through specialist.
RIIL brings deep expertise across a wide range of categories and services, using cutting edge tools, technologies, information, and well-integrated processes in executing complex engagements in Indirect Procurement. RIIL combines all of the above strengths to manage, execute and deliver a complete Source to Pay solution that supports all procurement related processes in indirect materials and services.
RIIL offers end-to-end consultancy and domain expertise within this area to ensure world-class execution and delivery.
What We Do
RIIL is delivered to customers by optimising the procurement function across the people, processes and technologies required to improve the consumption of goods and services in their own business.
Let’s take a look at each step
-
Step 1: Need Recognition
This starts the procurement process within the organization. A department or business unit needs some goods / services to operate. If multiple departments have the same need, procurement will consolidate their requirements to lower costs and increase visibility.
-
Step 2: Purchase requisition
Procurement selects the best vendor after completing this analysis.
-
Step 3: Review and Evaluation.
At this point, the contracting process begins. It could again be very straightforward or may involve significant back-and-forth. In some cases, purchasers may choose to completely skip contracting relying instead on a legally binding purchase order.
-
Step 4: Quotation request.
This next step essentially boils down to getting the go-ahead from the entity (department or business unit) that will pay for the purchased items.
-
Step 5: Vendor Selection & Finalization.
This step is all about identifying the list of potential suppliers for the required products. The evaluation process varies widely – it could be as simple as a quick web search all the way to a months-long structured RFP or RFI.
The goals of this stage are straightforward – evaluate vendors based on price, quality, reputation, reliability, customer service and any other relevant criteria In the absence of a formal contract, the PO serves as a legally binding document.
-
Step 6: Receive Goods /Material.
The supplier will send an goods / material with a list of the ordered items along with prices and payment due dates. The invoice usually lists the mentioned PO number.
-
Step 7: Review & Verification.
The supplier will deliver the ordered goods and services according to the terms of the contract. Typically, the receiving organization has a limited amount of time to audit the delivery and notify the supplier of any discrepancies such as missing items or quality issues.
-
Step 8: Complete payment.
Once the order has been verified, the RIIL’s finance department will send payment according to the terms specified in the contract
-
Step 9: Maintain proper records.
Finally, it’s just good business practice to store all documents from the original requisition through invoices in a single centralized location. It helps navigate any future audit. Analysis of this data helps track and optimize spend management.
