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Read the attached report on 'Follow the procurement leaders' and then determine the most significant changes that have occurred in procurement in the last few years and what this means for your organization or an organization of your choice.
For any company, be it a manufacturing company or a service-oriented company, procurement is an important function. For companies with the typical, Input, Process and Output cycle, this function becomes even more crucial. The reason being, a major cost element in the Income statement are the raw materials used for production. And only when the procurement team works efficiently, the procurement costs can come down. This directly has an impact on the company's profits. In this report, we attempt to identify the procurement process changes brought in by L'Oreal, a France based market leader in cosmetics. We also see how these changes improved the overall performance of the company.
About the chosen company
L'Oreal is a market leader in the cosmetics industry and has spread across the globe with a large array of products. They have a long portfolio of brands and these are created to meet the requirements of diverse customers.
Procurement department at Loreal
The procurement department at L'Oreal has been organized in 4 centers of sourcing which continuously contribute towards creating value for the company in terms of quality and in terms of profits. Members of the Purchasing department have been categorized into six sourcing domains. Each domain work towards sourcing for a specific class of products, raw materials, packaging, vitamins, solar radiation filters, perfumes and so on.
Senior members have been appointed as the heads of each such division to ensure that procurement is efficient. This is also important to minimize overall costs and to maintain excellence in quality.
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