The procurement department in an IT company plays a crucial role in acquiring goods and services essential for the company's efficient operation. These goods and services can range from hardware, software, and network equipment to consultancy services and even office supplies. The department’s responsibility is to ensure that all purchases align with the company’s budget, quality standards, and project timelines. The procurement team helps maintain smooth business operations by securing necessary resources at the best possible prices, negotiating contracts, and managing supplier relationships. Procurement activities in an IT company are diverse and can be broadly categorized into several key areas: 1. Vendor Management: One of the primary tasks of the procurement department is identifying and managing relationships with suppliers. This involves researching potential vendors, comparing quotes, negotiating terms, and finalizing contracts. Building strong, long-term relationships wi...

In today’s highly competitive business environment, IT companies are increasingly focusing on strategic large deals to expand their market presence, drive revenue, and stay ahead of the competition. A Strategic Large Deal Department plays a critical role in managing these high-value business opportunities. This department is responsible for negotiating, structuring, and executing complex, large-scale contracts with clients, partners, or other stakeholders. The deals handled by this department are often pivotal for the company’s long-term success, requiring a strategic approach, deep industry knowledge, and the ability to manage high-stakes negotiations. The value of such deals ranges from several hundred million US dollars to billion dollars or more. Here is an example of a large deal win by a leading technology company Infosys: Infosys secures a $454 million deal with Danske Bank In this post, we’ll explore the key activities and importance of the Strategic Large Deal Department in an...