“Procurement involves much more than just handing over the company credit card and paying for a purchase” – Procurify
The basic purpose of procurement is to make sure that the organization buys the goods and services it needs, to operate in a profitable way.
This involves all sorts of activities, ranging from sourcing materials and services to developing relationships with key suppliers. But the biggest responsibility that a procurement department faces is giving the business confidence that the supplier they are working with is the best supplier for them.
To help them do this, they follow a procurement process. This helps them to reduce prices, cut costs, identify better sources of supply, and make sure potential new suppliers are properly vetted.
Although a company’s procurement process will be influenced by factors like the company’s size, industry, available human resources, and organizational structure, this Process Street checklist will give you a complete procurement process. It will explain, step-by-step, how to identify the true needs of your organization, find the perfect supplier to fulfill those needs, and negotiate favorable contract terms and pricing.
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