Purchasing and Procurement is an important business function that is responsible for acquiring goods and services from external sources. It is the process of selecting vendors, establishing payment terms, strategic vetting, negotiation of contracts, and the actual ordering of necessary goods and services. The goal of Purchasing and Procurement is to acquire the goods and services that a business needs in the most cost-effective and efficient manner. It is also responsible for ensuring that the goods and services meet the required quality standards. The Purchasing and Procurement process is an integral part of the supply chain management process, as it helps to ensure that the right goods and services are acquired at the right time and at the right price.
