Procurement Process

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Procurement is the process of finding and acquiring all of the goods, services, and works an organization needs to operate and fulfill its business model.

Simply described, the procurement process begins with identifying a need, finding a reliable supplier for it, paying for the supplier’s goods or services, and finally accounting for it.

During the procurement process, procurement managers need to liaise with suppliers, negotiate terms and contracts, inspect received orders as necessary and keep records of all stages of the procurement process for auditing purposes.

Procurement’s end goal is to reduce over all costs by finding the best possible prices and ensuring that companies get what they need on time. 

Although unique to each company, the procurement process usually has three essential components: process, people, and paperwork. 



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