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Stages of Procurement Process


What is Procurement ?

 Procurement involves buying of goods and services from well developed countries.  Sourcing is very important in the modern trade and commerce.  It helps to reduce the operational cost.  This service has various stages.  This service is best managed by a procurement service provider.


Stages of Procurement Service

The part of the procurement that we are concerned with is sourcing. Global sourcing is very important in the modern trade and commerce. It help to cut the operational cost. Now the procurement service has various stages.

 Requirement Analysis .  Market Research.  Supplier Management


Requirement Analysis

 Requirement determination is the main aim of this stage.

 A judgment is also made whether procurement is the best solution or not.  External consultation is also undertaken whenever required.  The other activities include consideration of category management plan.


Market Research

 In this stage identification of products and suppliers are made.  Huge amount of effort is to be put in the market research.  Extensive market research is required for larger procurement activities.


Supplier Management

 Always try to identify new suppliers.  Suppliers can widen the procured products market.  Most of the organizations developing countries.

hire suppliers from the

 So procurement service provider helps you a lot.


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Stages of Procurement Service