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21 Examples of Procurement

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Procurement is the end-to-end process of buying goods and services from external sources. This begins with your purchasing requirements and seeks the best value from the market considering price, life cycle costs, logistics, quality, performance, time, risk, compliance, fairness and sustainability. The following are common examples of procurement steps and considerations.
Procurement Objectives
The goals of your procurement practice in areas such as cost, time, quality, performance, risk, compliance and reputation.
Purchase Requests
An interface for employees and teams to request procurement services.
Purchasing Requirements
Specifying what you need to buy.
Market Research
Determining what is available from markets.
Price Analysis
Determining a competitive price.
Quality Analysis
Evaluating differences in quality.
Value Analysis
Determining the best price for value that considers things like quality, performance and risk.
Supplier Shortlist
Determining what suppliers will be considered for a purchase.
Bidding Processes
Creating competition by soliciting proposals and bids.
Purchasing Negotiation
Negotiating potential terms, prices and contracts with suppliers.
Bid Selection
Selecting a supplier or purchasing option.
Purchasing Process
The process of actually purchasing things e.g. purchase orders.
Repurchasing Process
The process of regularly repurchasing things.
Inventory Management
Managing inventory levels.
Managing the delivery of products and services.
Supplier Performance Management
Monitoring, evaluating and managing any issues with supplier performance.
Supplier Audits
Auditing suppliers to ensure compliance.
Procurement Risk Management
Managing risks related to procurement such as logistics and supply risks.
Financial Processes
Supporting accounting and financial reporting processes, particularly accounts payable.
Procurement recordkeeping including all financial, process and audit trail information.
Procurement Compliance
Compliance reporting and audits of the procurement process.
The following are more detailed guides to the procurement process:
Business Supplies
Price Analysis
Procurement Risk
Reverse Auction
Supply Chain
Supply Shock
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