The official business definition of the 10 Steps of Procurement Cycle is a set of processes that are designed to ensure that businesses are acquiring goods, services, and materials in an efficient and cost-effective manner. The 10 steps start with the identification of the need for goods, services, or materials, and require that a company does all the necessary research, such as cost comparisons and quality assessments, to determine the best supplier or provider. Once a supplier or provider is selected, the company initiates the negotiation and contracting process, which includes such activities as developing terms and conditions, preparing purchase orders, and ensuring that the supplier or provider understands the expectations of the business. Once the procurement is complete, the next step is to receive the goods, services, or materials. The company must then inspect the items to ensure that they meet the quality standards, and then document the receiving process. The company also needs to ensure that the product is stored in an appropriate location with the right security protocols. The next step