Procurement Strategy Framework is a term used in the business world to describe a set of practices and procedures that an organization has in place to ensure that goods and services are acquired in an efficient and cost-effective manner. This framework helps an organization to streamline its processes and maximize returns on investment. It is designed to ensure that all necessary steps are taken to ensure the best quality goods and services are acquired for the lowest possible cost. This includes considering factors such as the source of the products and services, the total cost of ownership, the speed of delivery and the quality of the products and services. A successful procurement strategy framework should also include regularly assessing the performance of the suppliers, negotiating favorable pricing and terms, conducting competitive bidding and ensuring compliance with laws and regulations.