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THE IMPACT
OF MATERIAL SOURCING IN ENHANCING THE ORGANIZATIONAL PROFITABILITY
CHAPTER ONE:
Introduction
1.1 Background of the Study
Material
Sourcing is a set of tangible physical attributes assembly in an identifiable
form. That is given the rapid changes in taste, technology and competition,
organization will not rely solely on its existing supplier but look forward to
get better sources of materials.
An
organization can use three ways to minimize cost of sourcing materials, by
interviewing her customers, by negotiation with the suppliers, by sourcing for
better materials, we mean original material that can go into production and come
out with quality product; and in the study, we will be concentrating on
material sourcing as a way of increasing an organization’s profitability.
As a matter
of fact, sourcing for the right material is like human being whose life span
has to be treated to keep it working in order to add value, profit to the
organization in the view that organization will not die subsequently. The death
of organization lays on the fact that proper material are not acquired.
In the light
of the above, it is necessary for organization will adopt the system of
sourcing for materials to develop and grow their profitability, to achieve this
successfully, sourcing strategies are required to be adopted, these are right
material, right price, right negotiation, right place, right qualities, right
quantities, right sources, right time etc.
In a
nutshell, the study will dwell mainly on the impact of material sourcing to
maximize organization profitability.
1.2 Statement of the Problem
Most
organization especially production oriented organization like Nigeria Breweries
spent about 60% to 70% of its annual expenditure on the acquisition of raw
materials. Some of the major problems confronting any manufacturing industries
are: high cost of materials will affect profit margin of the organization and
also incompetence of supplies, if the suppliers are not competent in making
right qualities supply will become problem to organization in profitability
area.
High cost
involved in sourcing suppliers whole material needed for organization. Improper
sourcing policy, sourcing for organizational profitability need to be proper
that right material will be supplied.
1.3 Objectives of the Study
The purpose
or objectives of the study is to examine the impact of material sourcing in
enhancing the organizational profitability, its importance, how effective and
efficient it is to the overall achievement of the organizational goal and
objectives. Under the aspect, the researcher hope to realize the following:
i) To determine the most
effective sourcing policies adopted by Nigeria Breweries.
ii) To determine the criteria for
selecting supplier in Nigeria Breweries.
iii) To determine the challenges of
manager in material sourcing
iv) To determine the impact of
material resource on the profitability of Nigeria Breweries.
1.4 Significance of the Study
The study
will add to the knowledge of the interested individual or group on the subject
matter.
The
researcher chose this topic to highlight the inherent danger and consequence of
adopting poor performance in material delays as problem associated with
sourcing with a view of providing solution or applied to sourcing activities in
the organization like Nigeria Breweries Plc. It will show the impact in the
organization performance and profitability in Nigeria Breweries.
Another
vital reason of the study is to contribute to the existing literature in the
area of sourcing, types of sourcing, sourcing policy, sourcing process etc for
future reference. It will enable a layman in the profession to have first hand
information on bio sourcing activities is being carried out. Also the students
of the department and other department will find this project an important
relevant source of literature review in the area of sourcing ‘material
sourcing’ further study will suggest ways that the organization can carryout
its sourcing efficiently.
1.5 Scope of the Study
The research
will be looking at improve on materials sourcing for organization
profitability. This chapter will make use of population size of 100 staff and
the research will use the sample size of 20 was adopted from the population of
which describe the characteristics of the population.
Secondly,
this chapter will strict to the procurement, production and administrative
department. The study will take activities of materials and sourcing of Nigeria
Breweries Plc in the last 5 years from 2009 to 2013.
1.6 Research Questions
The research question includes:
i) What are the determining
factors affecting sourcing policies adopted by Nigeria Breweries?
ii) What are the criteria for
selecting suppliers in Nigeria Breweries?
iii) What are the challenges facing
managers in materials sourcing?
iv) What are the factors that lead to
impact of material sourcing on the profitability of Nigeria Breweries?
1.7 Definition of Terms
§ Raw Materials: Are items, which are to be
processed through production process to obtain desired finished goods.
§ Purchasing: it is the process of ensuring
that all the materials required for production made available at the proper
time, in the proper quality at a proper place and price.
§ Information: Data can be interpreted by an
individual to provide meaning, a tangible or tangible entity that reduce
uncertainty about a state or an event.
§ Sourcing: The event to which buyers search
or suppliers to build long term relationship.
§ Outsourcing: An arrangement by which one
organization provides a service or services for another organization that
choses not to perform them in house.
§ Negotiation: Is the art and science of
arriving at a common understanding through bargaining with essentials of a
control, such as price, quality, quantity, delivery, time, terms and condition
of services.
§ Selecting: Is the process of selecting the
right suppliers to source or outsource.
§ Bid/Tender: Is an offer made by a
supplier, contractor or services provider to a buyer in a response to a direct
“written” or indirect “advert” enquiry.
§ Biding/Tendering: Is a purchasing
procedure by which potential suppliers invited without collusion to present to
an organization, a firm and clear offer of price, terms and conditions which
upon acceptance of contract.
§ Time: When organization cannot meet up
with time or cannot complete the whole task within the specified period, the
organization can outsource a part of the product in other to meet up with
schedules.
§ Quality Specification: Is the description
of an item, its dimension, analysis, performance or other relevant
characteristics in sufficient detail to ensure that it will be suitable in all
respect for the purpose it is wanted.
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