Supplier procurement is the process of identifying, evaluating, and selecting suppliers to meet an organization’s needs. It involves researching potential suppliers to determine their ability to provide quality goods or services in a timely manner at competitive prices. The overall goal of supplier procurement is to ensure that an organization gets the right goods or services at the right time in the most cost-effective manner possible. This requires creating and following a comprehensive procurement policy that details the criteria for assessing supplier performance and selection.