Role and Functions of Integrated Material Management in Public Sector Undertakings

Abstract

Indian Public sector undertakings have significantly contributed to the Economic development of the country. However challenges related to Productivity and Material management pose great barriers to their growth trajectories. In this paper attempt is made to give a glance about the activities involved in the procurement of materials with an understanding of responsibilities and functions of Planning, Purchase and Stores. Various steps involved in Purchase process were highlighted.

Material forecast is an input to the Company’s Budget, Purchase of materials will have impact on the cost of the Product, taken as a whole the Material Management activities will have significant importance on the performance of the Industry. Enterprise resource Planning solutions and Data analytics are scalable enough to create a technology driven environment for material management in the PSU’s. To achieve competitive advantage PSU’s need to leverage the emerging technologies and best practices in material management.