oboloo Glossary

Supply Chain Procurement Process

oboloo Glossary

Supply Chain Procurement Process

Supply Chain Procurement Process is defined as a set of activities aimed at acquiring goods and services necessary to respond to customer needs in an efficient and cost-effective manner. It involves sourcing, negotiating, awarding contracts, managing inventory, fulfilling orders and payment processing. The process includes tasks such as analyzing market prices, supplier selection and performance evaluation, product specification development, price negotiation and contract administration. The goal is to ensure that the right materials and services are procured at the lowest cost and with the highest service quality levels to meet customer requirements.