The Procurement Process is the structured acquisition of goods and services from external sources; it is the process of assessing, obtaining, authorizing, and paying for the resources required to complete a project in an efficient and cost-effective manner. At its core, the procurement process involves identifying a need, sourcing the best supplier to meet that need, negotiating the best possible price and terms, placing the order with that supplier, following up to ensure timely delivery, and concluding with payment of the supplier invoices. By engaging in a thorough procurement process, businesses can save money and optimize their operations.
Want to find out more about procurement?
Access more blogs, articles and FAQ's relating to procurement