Strategic procurement

Discuss how strategic procurement decisions influence an organizations global competitiveness. Provide examples of how sourcing, logistics, and inventory management can be optimized through effective procurement strategies. Explain the principles that guide procurement decisions and their impact on product design and development. How can early supplier involvement in the design process lead to better outcomes? Define Total Cost of Ownership (TCO) and discuss its importance in procurement decisions. Provide a detailed example demonstrating how TCO considerations might affect purchasing decisions in a specific industry. Analyze the impact of strategic procurement decisions on overall supply chain performance. Describe a real-world example where a strategic decision led to significant improvements or challenges in the supply chain.