What steps are involved in organizing procurement?

Organizing procurement involves several key steps to ensure effective and efficient management of the procurement process. Firstly, the needs of the organization are identified and the necessary goods or services are determined. This is followed by conducting market research to identify potential suppliers and evaluate their capabilities. Once suitable suppliers are shortlisted, the next step involves drafting and issuing requests for proposals or quotations. After receiving and reviewing the proposals, negotiations are carried out to finalize the terms and conditions of the procurement agreement. The chosen supplier is then awarded the contract and a purchase order is issued. Throughout the process, it is crucial to maintain proper documentation and adhere to any legal and contractual requirements. Lastly, after the procurement is completed, performance monitoring and evaluation should be carried out to ensure the supplier meets the required standards and to inform future procurement decisions.

This mind map was published on 26 October 2023 and has been viewed 51 times.