The Procurement Cycle – Understanding the 7 Key Steps
Effective procurement is essential for organisations seeking to optimise resources, reduce costs, and build sustainable relationships with suppliers. The procurement cycle, comprising seven key steps, serves as a roadmap for ensuring the smooth and efficient acquisition of goods and services. Let’s delve into these steps and explore how they contribute to achieving excellence when finding procurement solutions.
Identifying Needs
The procurement process begins with a clear understanding of the organisation’s requirements. This involves engaging with internal stakeholders to identify what is needed, whether it’s raw materials, office supplies, or specialised services. By taking the time to accurately define needs, organisations can minimise waste and ensure that procurement aligns with str...
