Procurement fundamentals
Procurement is the process of acquiring goods, services, or works from an external source, which we call the procurement process. It involves all the activities required to obtain goods and services, including identifying needs, tendering, evaluating suppliers, negotiating contracts, and managing supplier relationships.
Procurement is an essential part of an organisations supply chain management process. It helps organisations ensure that they have the right resources at the right time, in the right quantity, and at the right price to meet their operational needs and strategic objectives while also ensuring compliance with legal and ethical standards. Effective procurement can help organisations to operate effectively and efficiently, achieve cost savings, improve quality, and reduce supply chain risks.
A good strategy should be flexible enough to adapt to changing circumstances and based on a thorough analysis of relevant data and information.
Explore the content shared and you can refer to the CIPS Glossary for the definitions of any terms used.
