Procuring Definition

When we think of procurement, we often think of the process of acquiring goods or services. However, procurement is much more than just acquiring goods or services. It is also the process of planning for and managing the acquisition of goods or services.

The first step in procurement is to identify what goods or services are needed. This can be done through market research or by working with stakeholders to understand their needs. Once the needs are understood, a procurement plan can be developed. This plan will include how the goods or services will be acquired, when they will be acquired, and how much they will cost.

Once the procurement plan is in place, the next step is to solicit bids from potential suppliers. The bids should be evaluated based on a number of factors, such as price, quality, and delivery time. After the bids have been evaluated, a contract can be awarded to the supplier that offers the best value for the company.

After a contract has been awarded, it is important to manage the supplier relationship. This includes monitoring performance and ensuring that the supplier meets all contractual obligations. If problems arise, they should be addressed quickly to avoid any negative impact on the project.