Re-engineering of existing procurement procedures in CYFIELD
PublisherΠανεπιστήμιο Κύπρου, Σχολή Οικονομικών Επιστημών και Διοίκησης / University of Cyprus, Faculty of Economics and Management
Place of publicationCyprus
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In the current competitive business environment, effective and efficient procurement procedures within an organisation can dictate the extent of its success. The recent economic crisis, the stricter regulations as well as the changing technologies make procurement a multi-disciplinary process that requires integration in the overall business structure to achieve value for money purchases. Due to the complexity of this process as well as its commercial sensitivity and potential internal or external fraud, the process should be digital for more control. This paper aims to evaluate the effectiveness of the current procurement practices within Cyfield as well as to introduce recommendations for the re-designed process. The re-engineered process includes a stricter flow of information from different departments, a revised hierarchy of approvals and the preparation of written contract/agreement for each purchase agreed. This new process is proposed to become an electronically based procedure, with the goal to render the process more efficient in its entirety. The re-engineered process emanates from the thorough investigation of the existing processes, the culture within Cyfield and the current environment in the construction industry in Cyprus. The aim of this proposal is to provide an efficient and effective procurement process within Cyfield and be implemented in a way that will be accepted and embraced by the current employees.