Purchase Process Definition
The purchase process is the process of acquiring goods or services. It involves identification of a need, selection of a supplier, negotiation of terms, and finally the exchange of money or other consideration for the goods or services.
In order to streamline the purchase process and make it more efficient, many businesses have implemented purchasing policies and procedures. These typically outline the steps that need to be taken in order to complete a purchase, as well as who is authorized to make purchases and how supplier selection is to be conducted.
Having a clear and concise purchase process definition is essential for any organization in order to ensure that all purchases are made in accordance with company policy and procedure.
