Purchasing process steps are key components of a company’s procurement process. They are the series of steps or tasks needed to complete a purchase from defining the need for a product to paying for it and receiving it at the doorstep. Each step needs to be documented in order to have an efficient, effective, and transparent purchasing process. The steps may vary depending on a company’s individual processes and procedures but typically include pre-qualifying suppliers; issuing a request for proposal (RFP); evaluation and selection of suppliers; negotiation of terms and prices; ordering goods; delivery and receiving goods; invoicing and payment; and performance evaluations. By establishing standardized buying protocols with detailed records on each step of the purchasing process, businesses ensure that they remain on track and get the best value for their money.