Procurement is the process of acquiring goods and services that an organization needs to operate effectively. This involves identifying what is required, selecting suppliers, negotiating contracts, and purchasing the items. The goal of procurement is to ensure that the organization gets the best value for its money while maintaining quality and efficiency. Effective procurement can help organizations save costs, improve quality, and enhance their overall performance. It often involves collaboration with various departments to understand their needs and ensure that the right products or services are sourced. Additionally, procurement plays a crucial role in managing supplier relationships and ensuring compliance with regulations.