Procurement Process
The procurement process is a series of steps that organizations follow to acquire goods and services. It typically begins with identifying needs, followed by researching potential suppliers, and then requesting quotes or proposals. After evaluating the options, the organization selects a supplier and negotiates terms before finalizing the purchase.
Once the purchase is made, the organization receives the goods or services and verifies that they meet the agreed-upon specifications. Finally, the procurement process includes managing payments and maintaining records for future reference. This systematic approach helps ensure that organizations obtain the best value for their investments.