procurement lifecycle

The procurement lifecycle refers to the steps organizations take to acquire goods and services effectively. It begins with identifying needs, followed by planning how to meet those needs. Next is the sourcing phase, where vendors are evaluated and selected through bids or proposals. After choosing a supplier, the organization negotiates contracts and places orders. Once goods are received or services delivered, there’s a phase of performance evaluation and management. Finally, the lifecycle wraps up with a review to improve future procurement processes. This ensures organizations obtain quality products at the best price efficiently.