Manufacturing procurement is the process of purchasing and managing raw materials, production equipment, parts, and other goods and services necessary for the production of manufactured products. This involves obtaining the right quality at the right price while adhering to strict timelines. Manufacturing procurement requires an accurate assessment of the potential suppliers, efficient bidding processes, and effective negotiation techniques in order to obtain the most cost-effective solutions that meet business objectives. At its core, manufacturing procurement is about strategic decision-making that can lead to increased productivity and greater competitive advantage.