Procurement Record

Management
PLM3103
 I. Introduction
• Definition: Procurement record management refers to the systematic and
organized process of creating, organizing, storing, and maintaining records
related to the procurement activities of an organization.
• Importance: Proper record management is crucial for transparency, compliance,
accountability, and decision-making in procurement.
• Procurement record management is a critical aspect of the procurement process in
organizations.
 II. Types of Procurement Records
• Vendor Information
• Vendor registration and contact details.
• Vendor performance evaluations.
• Contracts with vendors.

• Purchase Orders (POs)

• Details of goods or services ordered.
• Delivery schedules.
• Terms and conditions.
 Types of Procurement Records Cont’d
• Invoices and Payment Records
• Invoices from vendors.
• Payment receipts.
• Payment approvals.

• Procurement Contracts
• Terms and conditions.
• Contract amendments.
• Termination agreements.
 Records Cont’d
• Receipts and Delivery Records
• Confirmation of goods or services received.
• Inspection reports.
• Delivery receipts.
 III. Benefits of Effective Procurement
Record Management
• Legal Compliance: Ensures compliance with procurement regulations and
laws.
• Audit Trail: Provides a clear audit trail for internal and external audits.
• Performance Evaluation: Facilitates vendor performance assessment.
• Dispute Resolution: Helps resolve disputes with vendors.
• Cost Control: Aids in monitoring procurement costs.
• Decision Support: Provides data for informed decision-making.
 IV. Steps in Procurement Record
Management:
• Capture and Collection: - Gather all relevant procurement documents. - Ensure documents are complete and accurate.
• Indexing and Categorization: - Organize documents into categories (e.g., purchase orders, invoices). - Assign unique
identifiers to each record.
• Storage and Retention: - Determine secure storage methods (physical or digital). - Establish retention schedules per
regulatory requirements.
• Access Control: - Restrict access to authorized personnel only. - Implement user authentication and permissions.
• Record Retrieval: - Develop a system for quick and efficient retrieval of records. - Use indexing, tagging, or
metadata to aid in retrieval.
• Backup and Disaster Recovery: - Regularly back up electronic records. - Develop a disaster recovery plan to
safeguard records.
• Disposal and Archiving: - Dispose of records in compliance with retention policies. - Archive historical records for
reference.
 V. Best Practices in Procurement Record
Management
• Centralized Repository
• Establish a centralized system for record storage.
• Standardization
• Use standardized templates for documents.
• Maintain uniform naming conventions.
• Security
• Implement access controls to protect sensitive records.
• Backup and disaster recovery procedures.
• Retention and Disposal
• Define retention periods for different records.
• Safely dispose of records that have reached the end of their life cycle.
• Regular Audits
• Conduct periodic internal audits of procurement records.
• Ensure compliance with record management policies.
 VI. Technology and Procurement Record
Management

• Document Management Systems (DMS)

• Electronic Procurement Software
• Optical Character Recognition (OCR) for digitizing paper documents
• Cloud Storage for remote access and backup
• Consider using procurement software and electronic document
management systems to streamline record-keeping processes.
 VII. Challenges in Procurement Record
Management
• Data Security
• Protecting sensitive information from breaches.
• Volume and Complexity
• Managing large volumes of records and complex documents.
• Changing Regulations
• Staying updated with evolving procurement regulations.
• Resource Constraints
• Adequate resources for record management.
 University Case of Records
WHO RESPONSIBILITY

Procurement Unit Auditing and advice

Faculties or Departments Filing of all procurement related
activities
Deans and Heads of Departments Management and storage of files
Administrative Assistants/other staff Physical filing and maintenance
 VIII. Conclusion
• Effective procurement record management is essential for ensuring
transparency, compliance, and efficient procurement processes.
• Continuous improvement and adherence to best practices are key to
successful record management in procurement.