Procurement Strategy refers to the systematic approach organizations use to acquire goods and services effectively and efficiently. It involves analyzing the needs of the organization, assessing the market, and developing a plan to source the required products while minimizing costs and maximizing value. A well-defined procurement strategy can lead to improved supplier relationships and better overall performance. In addition to cost savings, a robust procurement strategy also focuses on risk management and sustainability. By evaluating suppliers based on their reliability and ethical practices, organizations can ensure a steady supply chain while contributing to social responsibility. This holistic approach ultimately supports the organization's long-term goals.