Procurement is the process of finding and agreeing to terms , and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement is used to ensure the buyer receives goods, services, or works at the best possible price when aspects such as quality
Customer acquisition is important for businesses of any age and size. It allows your business to make money to meet costs, pay employees and reinvest in growth, and show evidence of traction for outside parties such as investors, partners, and influencers
The e-procurement value chain consists of indent management, e-Informing, e-Tendering, e-Auctioning, vendor management, catalogue management, Purchase Order Integration, Order Status, Ship Notice, e-invoicing, e-payment, and contract management Indent management is the workflow involved in the preparation.
Procurement cycle is the series of steps that are taken to purchase any product a business might require . For an uninitiated business person, the process might appear to be a very simple procedure . But this whole process(Procurement cycle) has many stages involved in it from Identifying a product to the Payment settlement. Everyone has different opinions on each step of this process