Procurement is the process of acquiring goods, services, or works from external sources to meet the needs of an organization. It involves a series of activities, including identifying requirements, sourcing suppliers, negotiating contracts, and managing relationships.
Procurement is a critical business function that can have a significant impact on an organization's success. By understanding the key components, benefits, and best practices of procurement, organizations can develop effective procurement strategies that meet their needs and drive business growth. By leveraging technology and best practices, organizations can improve procurement efficiency, reduce costs, and enhance supplier relationships.