Procurement Cycle

All businesses rely heavily on their supply chain function to meet their strategic objectives. One of those essential supply chain functions is procurement.

Procurement is a decision-based set of processes that includes sourcing suppliers, negotiating, agreeing contracts, tendering, and placing purchase orders.

The procurement cycle can help a business understand the steps in which products, materials, and services are acquired. 

In this article, we will be looking at the procurement cycle; we’ll discuss:

What is the procurement cycle? What are the steps of the procurement cycle? Simple Procurement Cycle Complex Procurement Cycle CIPS procurement cycle What is a public procurement cycle Procurement Cycle effectiveness What are the benefits of the procurement cycle? Common issues with the procurement cycle?

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