Procurement process

Procurement is a logistics function and it also plays a very important role supply chain management. With the increase in outsourcing of goods and services, the procurement function is very significant in the organization. Procurement today is a highly technical, scientific field. “Most industries spend from 40 to 60 percent of their revenues on materials and services from sources outside of the organization”1.

1. Definition 4
2. Procurement process. 5
3. Procurement Importance Matrix 8
4. Managing the Procurement Process. 12
Conclusion 14
Bibliography 15