oboloo Glossary

Procurement Supply

oboloo Glossary

Procurement Supply

Procurement Supply is the acquisition of goods, services, or works from an external source. This process includes the selection of an external source, the negotiation of terms, the placement of purchase orders, the control of stock levels, and the management of contracts. It is an important process for businesses, as it ensures the most cost-effective and efficient acquisition of products and services. The main aim of procurement supply is to obtain the most suitable goods, services, or works that meet the needs of the business. This is achieved by analyzing and evaluating the various offers made by potential suppliers and selecting the most suitable offer. Procurement Supply is also responsible for negotiating the most favorable terms and conditions with the selected supplier, and ensuring that the delivery of the goods, services, or works meet the quality requirements of the business.