Procurement Workflow
In short, a procurement workflow is the process that an organization uses to purchase goods or services. The procurement workflow definition can vary depending on the size and type of organization, but typically includes these steps:
1. Planning: This stage involves identifying what goods or services are needed, when they are needed, and how much budget is available.
2. Sourcing: In this stage, potential suppliers are identified and evaluated. A decision is made about which supplier will be used.
3. Contracting: Once a supplier is chosen, a contract is negotiated and signed. This contract outlines the terms of the agreement between the buyer and seller.
4. Ordering: The actual purchase order is placed with the chosen supplier.
5. Delivery: The goods or services are delivered to the buyer according to the terms of the contract.
6. Payment: The buyer pays the supplier according to the terms of the contract.
