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UNIRAZAK Library Pustaka
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| Abstract : UNIRAZAK Library |
| Procurement practices integrate various firms’ operations and support functions, synchronising production with new orders, purchasing with demand and scheduling and shipping with client requirements. According to Malaysia’s Economic Transformation Programme, the oil and gas (O&G) sector has been designated as a critical sector to support national growth and generates around 40% of the country’s overall income. Procurement practices in Malaysia’s Oil and Gas sector have a significant impact on organizational performance, making them a critical indicator of success in this industry. This abstract dives into the multifaceted impact of procurement practices on organizations within this sector. Procurement has emerged as a pivotal function that directly shapes operational efficiency, cost-effectiveness, and overall competitiveness in Malaysia’s highly dynamic Oil and Gas landscape. Effective procurement practises in the oil and gas industry are distinguished by their capacity to optimise the supply chain, minimise operating costs and improve resource management. Organizations may ensure consistent access to high-quality products and services by methodically researching suppliers, negotiating favourable terms, and cultivating strategic partnership. This not only maintains a consistent flow of resources, but it also reduces the risks associated with supply chain interruptions which is critical in an industry where downtime may have disastrous repercussions |
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