One of the crucial activities in an organization is the procurement department function which must be conducted effectively and efficiently. Companies are beginning to understand the potential that their supply chains and procurement divisions contribute to their profitability.
What is Procurement?
All aspects of a company’s purchasing process are referred to as procurement. The procurement department serves its customers internally by negotiating costs with the vendors, preparing the contracts, and issuing vendor’s purchase orders. The procurement department functions at large companies for maintaining the financial health of the company. Depending on the product or service, we carry over the procurement department functions […]