An Analysis of Procurement Operation and Purchasing Practices of Fariha Knit Tex Ltd.

Abstract

This report elucidates in depth the procurement practices at An Analysis of Procurement Operation and Purchasing Practices of Fariha Knit Tex Ltd, one of the best Garments in Bangladesh. It is a major player in the garment industries, known for the quality of its service and its innovation in business. This paper seeks to evaluate the procurement process within the organization, considering its objectives, structure, and strategies, along with the challenges it faces in achieving procurement goals and contributing to potential improvements. The report includes description of the enterprise including background, mission and vision. As a part of An Analysis of Procurement Operation and Purchasing Practices of Fariha Knit Tex Ltd has grown into a renowned name in Apparel and Textile manufacturing business unit of Asrotex Group industry since its establishment in 1997. The platform specializes in clothing, and its fast and convenient procurement processes contribute to its reputation in the market. The firm's purchasing activities consist of sourcing identification, supplier selection, relationship management and order execution. In this paper we discuss the finer points of these operations and study some long-term plans to increase the efficiency and reliability of these operations. This report also deals with the major challenges that this retail unit faces, like inefficiencies in the purchasing process, supply chain disruptions and price volatility, and supplier unreliability. It proposes several strategic solutions, such as leveraging data analytics for improved forecasting, implementing dynamic pricing tools, and enhancing quality control measures. The report also highlights the company’s commitment to sustainability, demonstrating how environmental and social considerations are integrated into procurement decisions. An Analysis of Procurement Operation and Purchasing Practices of Fariha Knit Tex Ltd. has taken great strides in developing sustainable supply chains in line with its corporate responsibility ethos displaying its commitment to ethical and responsible business practices.