Procurement is now a strategic business
Procurement is a basic function of every business.
In order to produce goods and services, it needs to
acquire raw materials, consulting services etc. from
Procurement itself is an overarching term for a variety
of processes such as Purchase Orders, Purchase Requisitions,
Invoice Approvals, Vendor Management etc. Companies use
these internal processes to enforce business standards,
purchases are properly authorized, serve a genuine business
interest and, of course, to control costs in procurement.
Nowadays, another important facet is corporate social
responsibility. Companies are under constant scrutiny
and initiatives such as sustainable sourcing are
essential to serve the needs of today's consumers.
Procurement plays a critical role in aligning vendors
with corporate priorities.
Streamline your Procurement Process - A Complete Guide