oboloo Glossary

Services

oboloo Glossary

Services

Services

In business, procurement is the process of acquiring goods or services from an external source. It typically involves selecting vendors, requesting proposals, analyzing and comparing proposals, and negotiating contracts.

Procurement is a critical function for any organization as it directly impacts the bottom line. An effective procurement process can help an organization save money and improve quality, while a poorly managed procurement process can lead to waste, inefficiency, and higher costs.