Procurement: Crucial Aspects and Key Elements

Procurement

Procurement is defined as an organizational process undertaken to discover and understand all the conditions related to the purchase of goods and services from a third party. 

We can define procurement as a term used to collectively describe activities involved in purchasing goods and services like logistics, inspection, disposal, storekeeping, and stock control.

Procurement can be categorised as private procurement, and businesses conduct public procurement. A government agency or department initiates public procurement. Many organizations optimize their procurement processes to ensure that the products and services are priced at best and meet the desired specifications. 

The standard definition of procurement would change slightly when technology is integrated into the process. This new form of procurement is defined as e-procurement which is largely conducted using digital tools.