A procurement strategy is a plan for acquiring goods, services, and works needed for the company or organization. It outlines the process for identifying and selecting suppliers, negotiation, contracting and monitoring supplier performance, and managing risks, cost savings, and sustainability.
A well-executed procurement strategy can save a business money, improve efficiency, and even give it a competitive edge. That’s why today, we’re going to talk about why procurement is essential, the different types of procurement strategies, and how to develop and implement a procurement strategy that will set your business up for success.
So, whether you’re a small business owner, a manager, or a procurement professional, this post is for you.
