Strategic Procurement Definition

Strategic procurement is the process of identifying and acquiring the goods and services needed to support an organization’s business goals. It includes the development of a procurement strategy, the selection of suppliers, the negotiation of contracts, and the management of supplier relationships.

The goal of strategic procurement is to obtain the best value for the organization by maximizing quality and minimizing cost. Achieving this goal requires a deep understanding of an organization’s business requirements and the market for goods and services. It also requires a strong relationship with suppliers that can provide innovative solutions at a competitive price.