Indigenous Procurement Services Canada

Indigenous procurement services help to sustain aboriginal peoples’ business in Canada. The economic development of Canada is directly proportional to the economic growth of the Indigenous communities. So, the path to uphill this is going through the economic development of aboriginal businesses.

What is Indigenous procurement?

In simple words, Indigenous procurement is buying goods and services from the indigenous-owned business. Indigenous procurement boosts aboriginal business and economic development of the indigenous communities of Canada. According to a study did by TD four years ago, the value of the indigenous business market is 31.6 billion dollars.

Need of The Indigenous Procurement Services

Indigenous entrepreneurs need a source or platform where they can find indigenous procurement opportunities available in pan Canada. Because before to get the opportunities they need to identify it.

ItsTimeForChange is an economic inclusion platform where indigenous business owners find thousands of federal and private procurement opportunities. Join ITFC for free today.

This type of organization helps businesses to identify the right procurement opportunities and make the complete procurement process easy for owners.

Benefits of Outsourcing Procurement Services

While running a business, it becomes difficult to analyze and grab the right procurement opportunities around you. So when you hire or collaborate with procurement services they make easy the whole procurement process.

Some of the other benefits of hiring procurement services are:

Reducing costs

One of the main advantages of procurement services is they reduce the operational cost by purchasing supplies and services at the best market price. This is the primary goal of the procurement services.

When you manage the process it becomes difficult to determine the expenditures due to the lack of experience. It leads to an awful experience for you and costs you as much as you don’t plan.

Visibility of spend

A transparent spending process is a key to cost-saving. An effective procurement process has visibility to the organization’s total expenditures, which gives the ability to reduces the cost of the complete process.

However, it’s can’t possible to manage the expenditures if you can’t see them. So, visibility of the total spend helps to complete a successful and effective procurement process.

Productivity

The other purpose of outsourcing the procurement process is to utilize the complete process to its maximum.

Each thing or administration being sourced ought to contribute, straightforwardly or in a roundabout way, toward cutthroat situating. At the point when an association has a powerful acquisition measure, acquirement can take out redundancies in the activity, advance cooperation, and recognize great and failing to meet expectations providers.

A proficient acquisition measure furnishes an association with economies of scale, which permit it to diminish expenses and produce more for less, making an upper hand. Productivity inside your provider connections permits your acquisition group to effectively decide your providers’ capacities, interests, intensity, and monetary strength, which will enable you to improve your provider base, getting rid of underperformers, and working with providers that can upgrade your association’s upper hand.

Controls

When you outsourcing the procurement process it gives better control over the whole process. The procurement service provider controls the complete cycle from purchase requisition, requisition review, solicitation process, evaluation, contract, order management, invoice approvals, disputes, and record keeping.

Using technology

Using technology improves the efficiency and speed of the procurement process. It also eliminates the hassle of handling manual document storing. Adaption of technology increases the data accuracy and makes the procurement process transparent.

So these are the benefits of the outsourcing procurement process to a company that builds strategy, handles the process, and maintains the relationship. ITFC is one of the companies that helps in the economic development of Indigenous communities of Canada. ItsTimeForChange offers procurement services such as help to find the best procurement opportunities, make planning, and strategy to successfully complete the contract.

Article originally published at: Indigenous Procurement Services Canada

Steps for Effective Procurement Process

An effective procurement process is essential for the economic success of any business. It helps companies to acquire goods and services at the most competent price. It minimizes the time of delivery by outsourcing to the best business partner.

Some organizations provide procurement services that help you to make a strategy for the successful procurement process.

What is the Procurement Process?

The procurement process is a series of steps to successfully procure goods and services from the supplier or service provider companies to achieve the end product.
To understand the procurement process, we have to look at the flow of procuring things and services step by step. The procurement process can be different depending on the size of the organization and the type of procurement.

7 Steps of Procurement Process

To understand the process of procurement we divided this process into simple steps. Here are the steps one by one.

1. Identify the Need of Goods and Services Require

The procurement process starts with identifying the need for goods and services required to achieve the end products. At this stage, organizations sketch out the plan for acquiring goods or services, calculate the quantity they need, cost, and timeline of completion of procurement.

2. Evaluate the List of Suppliers

After the process of identification of goods or services gets done. Now it’s time to choose the right vendor for the supply. This step is vital if you choose the wrong supplier then it directly affects your whole business. This process generally starts with a web search or through more structured measures like RFPs, RFQs, and RFIs.

To choose the best vendor evaluation of the pricing, quality, industrial reputation, quality of services, warranty, and guarantee provisions. The thumb rule is to get at least three quotations and select the best one.

3. Submit A Purchase Request

After finalizing the vendor it’s time to raise a Purchase Requisition (PR) to the company’s purchase department. The procurement team or a financial controller of the company reviews the submitted purchase request.

A Purchase Requisition includes the following details:

• Description of Goods or Services
• Pricing
• Quantity Required
• Supplier Information
• Approval Workflow

4. Generation of Purchase Order

After approval of the purchase request, the finance department makes a Purchase Order (PO) and sends it to the supplier. PO is a formal contract to purchase objects.

Purchase Order (PO) Includes:

• Product(s) or service(s) being purchased
• Quantity purchased
• Specific brand names, SKUs, or model numbers
• Cost per unit
• Delivery date
• Delivery location
• Billing address
• Payment terms conditions

5. Receive Invoice

Once the supplier gets the PO next you will receive an invoice from the supplier. The invoice has details such as the cost of goods/services to be procured, payment schedule, mode of payment, and terms conditions.
This invoice and purchase order are compared by the purchasing department to ensure quantity and quality.

6. Payment Process

Once you received the good(s) or services(s) from the supplier. It’s time to pay. The process of payment depends on the agreed terms and conditions between the company and its supplier. Payment can be released pre or post-delivery.

7. Record Keeping

A record of purchase orders and invoices is necessary for auditing. When the internal or external audits are carried out, then it’s easy to audit.

Conclusion

Now you know all the steps of the procurement process. Procurement is the long-term strategic function of any organization. This function helps in the cost-cutting, and every big organization has to procure some goods and services from the vendor to run a profitable business.

The objective of this article is to help you to make an effective procurement process strategy. This article educates you on the complete steps and planning of procurement.

Article originally posted on: itstimeforchange.medium.com

What Are The Types of Procurement?

Procurement Explained:

Procurement is a process of acquiring and purchasing goods, services, or work from an external source, often via a tendering or competitive bidding process.

Procurement is essential for businesses to fulfill the necessity of goods, services, or work that they require. Procurement involves two companies, the buyer and the seller.

Procurement involves making buying decisions under conditions of scarcity. It ensures the buyer receives goods, services, or work at the best possible price with the constraint of a fixed date, time, quantity, or place.

Several procurement services in Canada help businesses to a successful procurement process. You can join the economic inclusion networks to boost your business growth.

Need of Procurement in Business:

Procurement is a step in knowing supply chains because it helps a business find reliable suppliers that can provide the best-priced goods and services that match the needs. That’s the case whether the corporation is seeking raw materials for manufacturing, a marketing services provider, or new office supplies.

For instance, if an organization needs another provider to offer continuous support for an uncertain period. For example, an email security arrangement — the acquisition cycle assists the organization with picking the provider that best meets the entirety of the business’ necessities at a sensible cost. It empowers the business to try not to sit around, cash, and important assets managing a deficient provider.

Types of Procurement:

Procurement can be several types depending on the mode of process and objects to be procured.
Procurement can be direct or indirect according to the mode of goods and services being procured. It can also be classified according to the acquisition of goods and services.

Direct Procurement

Direct procurement is the acquisition of goods that a business requires to manufacture the end products. For manufacturing businesses, it could be raw materials or components essential for production. For retail businesses, it includes purchasing products from wholesalers to resale to customers.
Direct procurement affects the manufacturing process and retail business directly. If the manufacturer and retailers don’t get the supply, it breaks down the whole cycle.

Indirect Procurement

Indirect procurement includes the purchasing of the goods and services that are required for day-to-day operation. It doesn’t affect the manufacturing process directly. It includes anything from office supplies and furniture to advertising campaigns, consulting services, and machine maintenance.

Goods Procurement

As it’s named, goods procurement is the purchasing of goods or physical items. But, it also includes purchasing software and IT equipment. Goods procurement can be both direct and indirect procurement.

Service Procurement

It centers around acquiring individuals based administrations. Contingent upon the organization may incorporate employing singular workers for hire, unforeseen work, law offices, or location security administrations. It might incorporate both immediate and backhanded acquisition.

Conclusion

These are the main types of procurement on the mode of acquisition of goods and services. Procurement is an important asset of manufacturing and other industries to fulfill their needs by outsourcing. Procurement is an economical, time-saving, and cost-effective solution. Every business depends on businesses to get their end products ready.

Article originally posted at: https://itstimeforchange.medium.com/what-are-the-types-of-procurement-bbb0bf2f1dae

ITFC Increases Accessibility of The Procurement System

 A Government Mandate- “ Take measures to increase the accessibility of the procurement system”

From the Government web pages:

Our network/platform is effectively re-engineering section 2.6.2 of the Contracting Policy Notice put forward by the Treasury Board and alleviating the pressure of the procurement officers, (contracting authorities),  who are tasked with the responsibility of…..

 

“Conclusively determining whether there are any qualified Aboriginal suppliers”!

According to this notice, someone somewhere, in offices all across the country, a single person is making very important decisions! That’s a lot of pressure when you consider it’s a multi-billion-dollar file!

We, (ITFC),  are taking measures to increase the accessibility of procurement, establishing partnerships, demonstrating enhanced capacity, establishing a new capability, providing incredible value propositions and engaging the Indigenous community in a way that PSAB was mandated to do! 

Why are bringing to light an intersect within the value chain you should know about!

Along the supply chain, there are multiple intersects where millions of dollars of procurement, (tender opportunities), that are disguised as “request for quotes, expressions of interest, invitations to bid”! Often referred to as “the hidden-tiers” within the process, is the procurement that most businesses do not hear about!

Understanding, regardless of the nature of the project, how money flows to finance projects within Indigenous communities across Canada. Our knowledge will enhance your understanding of why we are promoting an enhanced engagement with Indigenous communities!

The check box mentality! (Have three small checkboxes with a checkmark in each)

 

Indigenous leaders are moving away from an old practice where they were forced to get three quotes just so that their funding gets released on time. Indigenous leaders are recognizing the purchasing power they have and demand value for their dollars Technology, like ours, is opening new doors, establishing new partnerships and enabling Indigenous communities to do more with less! 

Introducing Voluntary Set-Asides! Now it gets interesting!

Imagine procurement officers NOW have a capability to identify procurement as a voluntary set aside! WOW!

In fact, it’s true if capacity exists and all the factors are there to “conclusively” determine where operational requirements, the best value, prudence and probity, and sound contracting management can be assured.” The procurement officer/contracting authority can recommend the procurement as a voluntary set-aside to further the objectives of the Procurement Policy!

So, in our “reengineering” approach we do not want to wait for the procurement officer/contracting authority to look for, as it states in the Contracting notice….

 

“……..by means of appropriate advertising either in the Government Business Opportunities publication or by the electronic bidding methodology…”

We believe we can identify, prepare and inform the procurement officer/contracting authority well in advance of planned projects, establishing a strategic position for our membership!

Just so you know this is what the Contracting Policy Notice’s states

Section 2.6.1: ” The PSAB requires all contracting authorities, where the procurement is valued in excess of $5,000, and is destined primarily for Aboriginal populations as defined in TBS Contracting Policy Notice 1996-2, to restrict the procurement exclusively to qualified Aboriginal suppliers where operational requirements, best value, prudence and probity, and sound contracting management can be assured.”

Section 2.6.2: “Given the significance of the Aboriginal population set-aside to the PSAB, departments and agencies should always, as an initial step in any procurement destined primarily for Aboriginal populations, set aside the procurement in order to conclusively determine whether there are any qualified Aboriginal suppliers. This can be done by means of appropriate advertising either in the Government Business Opportunities publication or by the electronic bidding methodology, as necessary. Only if this first step fails to identify qualified Aboriginal suppliers, should the procurement be then opened up to a larger market?”

Consider The Possibilities

When you become a member of our network, we will work diligently in identifying opportunities for you, not just procurement opportunities but potential partnerships where your core product/service will complement that of one or more Indigenous communities where the partnership is mutually beneficial!

Accept our offer and join this incredible network today