9 Steps in the Procurement Process
Dealing and controlling over the company credit card and paying for a purchase is deficiency to describe Procurement Services. Procurement strategy includes a full process of steps, from identifying which goods and services a company needs to manufacturing, to other steps of maintaining the right documentations and records.
Procurement Process compressed of works:
- Confirm the proper goods or services the company needs.
- Making purchase requests.
- Assess and select vendors.
- Negotiate price and terms.
- Create a purchase order.
- Receive and recheck goods.
- Conduct three-way matching.
- Approve the invoice and arrange payment.
- Conduct record keeping.
To decrease the duties and tasks of the procurement department, the companies can consider shaping their demands by the external procurement process.
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