Controlling procurement

The controlling of procurement is a crucial step in the entire procurement process because it includes protecting your organization from breach of agreement, keeping track of the seller’s performance, maintaining good relationships with your sellers, paying out of your budgets for contract work and incentives, processing formal changes as needed, and closing out any procurement documents once the work has been completed and approved. Your organization may also have knowledge bases just for your vendors, where in everything is kept and updated. I know we had to hold on to our contracts for eight years after they were closed to be compliant. Your mileage may vary. Another best practice we followed was seller surveys and procurement audits.

Seller surveys...