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Purchasing Procurement Process

oboloo Glossary

Purchasing Procurement Process

The official business definition of Purchasing Procurement Process is the process of obtaining goods and services from an external source. It is a critical part of any organization’s operations, as it ensures that the right products and services are obtained at the right price and in the right quantity. The process includes the identification of potential suppliers, negotiation of terms and conditions, and the selection of the most suitable supplier. It also involves the management of contracts, delivery of goods and services, and the payment of invoices. Purchasing Procurement Process is a key component of an organization’s supply chain management, as it helps to ensure that the right products and services are acquired at the right time and at the right price. By effectively managing the Purchasing Procurement Process, organizations can ensure that they are getting the best value for their money and that their operations are running smoothly.

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