What is Procurement? | Procurement Process

In this video, I have explained: "What is Procurement?", and the Procurement process in a simplified way.
Difference between Procurement and Purchasing- https://youtu.be/Hsq-oqlLP0A
Procurement is usually a part of the input to a company that uses the purchased goods or services in the making of their own final product. This makes it a very vital function of any business.
The procurement process involves activities such as - identification of needs, sourcing, selection, negotiation, ordering, receiving, and payments.
Topics that I covered in this video are-
1. What is Procurement?
2. What is procurement process?
3. Steps involved in a procurement process
Steps are- 1. Identification of Requirement
2. Determination of the Specifics of the Requirement
3. Sourcing
4. Negotiation and Finalization of Price and Terms
5. Purchase Requisition and Order
6. Delivery of the Purchase Order
7. Expediting
8. Receive And Inspection
9. Payment Process
10. Record Keeping And Review

4. What’s the difference between direct procurement, indirect procurement, and services procurement?
5. procurement meaning, definition, types

Read in details or download pdf- https://educationleaves.com/what-is-procurement-definition-process/

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