Methods of procurement refer to the various strategies used for sourcing and purchasing goods or services needed for a business. These methods can include working directly with suppliers, leveraging existing relationships, utilizing online auctions, or using bidding processes. Not only do they help businesses get the resources they need efficiently, but they also help streamline operations, provide greater value, and capture savings. By engaging in thoughtful procurement methods, companies create a competitive advantage that can lead to larger profits and a more sustainable future.