The Procurement Cycle

The procurement cycle is the process organizations follow to acquire goods or services. It starts with identifying the need, then researching and selecting the best supplier. Next, a purchase is planned and approved, followed by negotiating terms and signing a contract. Once the product or service is received, the organization verifies quality and quantity before making payment. Finally, the cycle concludes with evaluating the supplier's performance to inform future purchasing decisions. This systematic process ensures that acquisitions are efficient, cost-effective, and meet organizational requirements.