The official business definition of the Procurement Cycle Steps is a series of steps that an organization takes to acquire goods and services from external sources. This process begins with the identification of the need for a product or service, followed by the selection of the most suitable supplier. Once the supplier is chosen, the organization will then negotiate the terms of the purchase and make the payment. The next step is the receipt of the goods or services, followed by the inspection and acceptance of the items. Finally, the organization will process the payment and close the cycle. The Procurement Cycle Steps ensure that the organization is able to purchase the necessary items in a timely and cost-effective manner, while also ensuring that the quality of the items is up to the organization’s standards.
