The official business definition of Procurement Business Model is a system of processes and practices that enables an organization to efficiently acquire goods and services from external suppliers. It is a set of strategies, processes, and tools used to identify, evaluate, and select suppliers, negotiate contracts, and manage the procurement process. It is designed to ensure that the organization obtains the best value for its money while also meeting its operational and strategic objectives. The procurement business model is based on the principles of value for money, competitive pricing, and risk management. It also involves ensuring that the organization has the right mix of suppliers, with the right products and services, at the right price. The model is designed to maximize efficiency, reduce costs, and ensure that the organization obtains the best value for its money.