Procurement strategy development is the process of creating a plan for how to ensure that the organization’s resources are utilized in the most effective and efficient way when it comes to procuring goods and services. It involves analyzing the organization’s needs and objectives, researching and assessing the various procurement options available, and developing a plan that will effectively meet those needs and objectives. The strategy is designed to ensure that the organization is able to acquire the goods and services it needs in the most cost-effective manner, while also taking into account the organization’s organizational objectives and its external environment, such as the current market conditions, competitive pressures, and other external factors. The strategy should include specific steps to ensure that the right decisions are made when it comes to procurement and that the organization is able to effectively use its resources in the most efficient way.