The Purchasing Process is a standardized system of buying goods or services. It begins with the identification of a need and moves through the evaluation and selection of vendors, price negotiations, product delivery, payment, and post-purchase follow-up. Companies that have established effective purchasing processes in place can improve efficiency, reduce costs, increase quality, and streamline operations. By creating an engaging purchasing process, organizations can ensure that their purchase decisions are based on sound, comprehensive criteria – enabling them to acquire the best value for their money.