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Procurement Planning Process

oboloo Glossary

Procurement Planning Process

Procurement planning is the process of evaluating, developing and achieving business objectives related to acquisition of goods, services and works from outside suppliers. This important process helps companies ensure that they obtain the best value for their money while minimizing risk exposure when working with external vendors. Procurement planning involves developing plans and strategies, creating purchase orders, collecting bids, evaluating and selecting suppliers, initiating contracts and managing vendor relationships. It requires careful attention to detail, research and negotiation skills in order to make the best decisions that help the company achieve its goals. The end goal of any procurement plan is to acquire quality products or services at competitive prices in a timely manner.

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