Procurement stages are the various steps taken in the procurement process, from identifying the need for a product or service to the actual delivery of the goods or services. The official business definition of procurement stages is the set of activities that an organization undertakes to identify, select, and purchase goods and services from external suppliers. This includes the identification of needs, the development of specifications, the selection of suppliers, the negotiation of contracts, the ordering of goods and services, the receipt and inspection of goods and services, and the payment of invoices. It is important to note that procurement stages can vary depending on the organization and the type of goods or services being procured. For example, a company may have different procurement stages for a large capital purchase than for a small office supply purchase. The goal of procurement stages is to ensure that the organization obtains the best possible value for its money and that the process is as efficient and cost-effective as possible.
