Procurement Data Management is the process of managing data related to procurement, from identification and collection of the data to storage, maintenance and analysis. It covers all the stages of a contract’s lifecycle, from negotiation and agreement to award and delivery. This system helps organizations keep track of critical information such as pricing, contracts, supplier performance, inventory levels, and more. Through this process, organizations can uncover opportunities for optimization and cost savings, helping them make better decisions about acquisition initiatives and ensure that resources are used in an efficient manner.