Procurement Process

The procurement process is a term that is used by businesses to explain the buying process. The procurement process is also known as the purchase of supplies or services. Procurement is the acquisition of commodities by a company, organization, institution or an individual. The procurement process, commonly, is the purchasing of goods from suppliers at the lowest cost possible. The procurement process usually starts when the procurer starts to look the market for bidders.

After determining who the bidders are, the procurement process continues by requesting bids so that proposals, quotes and information can be made. Once selected bidders are selected, an evaluation is vital in order to confirm the suitability of the goods in question. The entire procurement process must be completed in compliance with the existing laws in order to avoid any legal complications. The actual procurement process may vary from company to company, but the actual process is generally similar.