Procurement Function

The procurement function involves identifying what a company needs to operate—such as materials, services, or equipment—and then sourcing and purchasing those items from suppliers. It includes activities like researching vendors, negotiating prices, ensuring quality, and managing timely deliveries. The goal is to acquire goods and services efficiently and cost-effectively, supporting the company's operations and objectives. Essentially, procurement is the strategic process that helps an organization obtain what it needs to function smoothly while maximizing value and minimizing risks.