Requirement identification

      Identifying requirements for specific projects/services enables enterprises to develop accurate procurement plans for goods and services at reasonable costs in a timely manner,typically involving basic details of business requirements,such as precise technical specifications,materials,part numbers,or service characteristics.

      Purchase Request

      Written or electronic documents proposed by internal users/customers,seeking assistance from the procurement team to meet existing needs.It contains key information required to purchase the correct goods,services,or engineering,such as price,quantity,quality requirements,etc.

      Identify suppliers

      With a clear list of requirements and approved procurement requests,the next step is to evaluate and select suppliers.Usually,considerations are made from factors such as cost,supplier reputation,delivery speed,quality,and reliability.

    Signing a contract

    In addition to negotiating the best price for the goods,products,or services to be purchased,organizations must also take time to review contract terms and ensure that they receive the most favorable price.