Procure-to-purchase process

Think of the procurement process as a journey. It’s a trip that your company takes to find the best goods and services it needs to keep things running smoothly. This journey is super important because you can save a lot of money and make your company more profitable if you do it right.

The first step of this journey is creating a Request for Quotation (RFQ). This is like inviting potential suppliers and asking them to tell you how much they’d charge for what you need. It’s like shopping around to find the best deal.

Next, you’ll start getting bids from suppliers. It’s like receiving a bunch of different offers. Now, you must review these offers and decide which is the best. You’re looking at more than just the price; you’re also looking at quality, delivery time, and whether the supplier is reliable. This step is essential because making the right choice can save money and avoid headaches.

Once you...