Procurement is the process of acquiring goods, services, or works from an external source, usually by means of a contract. It is the official business definition of the procurement process overview. This process involves a series of steps, beginning with the identification of the need for a product or service, followed by the sourcing of potential suppliers, the negotiation of terms and conditions, and the award of the contract. The procurement process also includes the management of the contract and the payment of invoices. This process is important to ensure that the best value is obtained for the money spent, and that the goods or services purchased meet the required standards. It is also important to ensure that the process is conducted in a fair and transparent manner, and that all parties involved in the process are treated fairly. The procurement process is an important part of any business, and it is essential that it is managed properly in order to ensure the success of the business.
