The official business definition of Procurement Process is the acquisition of goods, services, or works from an external source, usually via a tendering or competitive bidding process. It is a process of selecting and engaging suppliers, negotiating contracts, and ensuring that goods, services, or works are delivered in accordance with the terms of the contract. The process includes activities such as developing a procurement strategy, identifying potential suppliers, assessing supplier capability, preparing and issuing tenders, evaluating tenders, awarding contracts, and managing supplier performance. It is important to ensure that the procurement process is carried out in a fair and transparent manner, and that all suppliers are treated equally and given the same opportunity to bid for contracts. Furthermore, it is important to ensure that the procurement process is conducted in a cost-effective manner, and that the best value for money is achieved.
