The official business definition of the Procurement Department functions is the acquisition of goods and services from an external source, usually at the most economical cost to the organization. The procurement process involves researching and selecting suppliers, negotiating contracts, and managing the relationship with the supplier. It also includes activities such as evaluating bids, selecting suppliers, negotiating prices, and managing contracts. The procurement process also involves monitoring the quality of the goods and services received from the supplier, as well as ensuring that the supplier is meeting the terms of the contract. The Procurement Department also works to ensure that the organization is compliant with all applicable laws and regulations. The Procurement Department is also responsible for managing the inventory of goods and services, and ensuring that the organization is getting the best value for its money. Finally, the Procurement Department is responsible for developing and maintaining relationships with suppliers and vendors, as well as ensuring that the organization is receiving the best quality goods and services.