Procurement management tools and techniques are a set of processes and best practices used to identify, source, assess, negotiate and select suppliers within the procurement cycle. These methods help organizations to ensure they procure goods and services from the best vendors at the lowest cost, while also maintaining quality and avoiding unnecessary risks. By using these tools and techniques, businesses can develop more efficient and cost-effective procurement strategies, streamline their sourcing process, make better decisions, improve stakeholder satisfaction and enhance overall productivity.