Procurement Process

Procurement is the process of acquiring goods or/and services from external sources. Firstly, it is essential for the external source to provide the organization with the solution to the problem before any kind of agreement can be reached. Following this, price or cost should be contemplated about. In depth, this process comprises five vital steps- defining business needs, developing procurement strategy, assessing supplier and selecting them, negotiating and award of contract, and stimulation and incorporation. Organizations believe in promoting wider choices and higher competition with procurement programs where choice and quality play an important role.

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