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Strategic procurement and financial performance of Iranian manufacturing companies

Procurement has turned into the strategy for cutting cost and improving quality in order to increase the efficiency of the procurement function and reduce production costs. The objective of this study is to scrutinize the interrelation between the level of strategic procurement and financial perform...

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Main Authors: Sobhani. M., Malarvizhi. C.A, Ab. Al-Mamun, Jeyashree. S
Format: Non-Indexed Article
Published: Canadian Center of Science and Education 2014
Online Access:http://discol.umk.edu.my/id/eprint/8237/
http://www.ccsenet.org/journal/index.php/ass/article/view/33138/19192
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spelling my.umk.eprints.82372022-05-23T10:26:05Z http://discol.umk.edu.my/id/eprint/8237/ Strategic procurement and financial performance of Iranian manufacturing companies Sobhani. M. Malarvizhi. C.A Ab. Al-Mamun Jeyashree. S Procurement has turned into the strategy for cutting cost and improving quality in order to increase the efficiency of the procurement function and reduce production costs. The objective of this study is to scrutinize the interrelation between the level of strategic procurement and financial performance of manufacturing companies in Iran. A cross-sectional explanatory study was designed to identify Iranian manufacturing company’s procurement management practices and performance outcome. Findings of this study noted a positive relationship between the strategic procurement and financial performance of the companies. For developing strategic procurement, firms should therefore improve the skills in their purchasing professionals, tally the strategic procurement with overall business strategy with long-term plans, select the potential and key suppliers, and create a good relationship with them. These factors could affect a firm’s financial performance and increase profit. Canadian Center of Science and Education 2014 Non-Indexed Article NonPeerReviewed Sobhani. M. and Malarvizhi. C.A and Ab. Al-Mamun and Jeyashree. S (2014) Strategic procurement and financial performance of Iranian manufacturing companies. Asian Social Science, 10. pp. 250-256. ISSN 1911-2017 http://www.ccsenet.org/journal/index.php/ass/article/view/33138/19192
institution Universiti Malaysia Kelantan
building Perpustakaan Universiti Malaysia Kelantan
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Kelantan
content_source UMK Institutional Repository
url_provider http://umkeprints.umk.edu.my/
description Procurement has turned into the strategy for cutting cost and improving quality in order to increase the efficiency of the procurement function and reduce production costs. The objective of this study is to scrutinize the interrelation between the level of strategic procurement and financial performance of manufacturing companies in Iran. A cross-sectional explanatory study was designed to identify Iranian manufacturing company’s procurement management practices and performance outcome. Findings of this study noted a positive relationship between the strategic procurement and financial performance of the companies. For developing strategic procurement, firms should therefore improve the skills in their purchasing professionals, tally the strategic procurement with overall business strategy with long-term plans, select the potential and key suppliers, and create a good relationship with them. These factors could affect a firm’s financial performance and increase profit.
format Non-Indexed Article
author Sobhani. M.
Malarvizhi. C.A
Ab. Al-Mamun
Jeyashree. S
spellingShingle Sobhani. M.
Malarvizhi. C.A
Ab. Al-Mamun
Jeyashree. S
Strategic procurement and financial performance of Iranian manufacturing companies
author_facet Sobhani. M.
Malarvizhi. C.A
Ab. Al-Mamun
Jeyashree. S
author_sort Sobhani. M.
title Strategic procurement and financial performance of Iranian manufacturing companies
title_short Strategic procurement and financial performance of Iranian manufacturing companies
title_full Strategic procurement and financial performance of Iranian manufacturing companies
title_fullStr Strategic procurement and financial performance of Iranian manufacturing companies
title_full_unstemmed Strategic procurement and financial performance of Iranian manufacturing companies
title_sort strategic procurement and financial performance of iranian manufacturing companies
publisher Canadian Center of Science and Education
publishDate 2014
url http://discol.umk.edu.my/id/eprint/8237/
http://www.ccsenet.org/journal/index.php/ass/article/view/33138/19192
_version_ 1763303955448725504
score 13.211869

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