SOLUTION

Procurement Process:

The procurement process is the series of actions required to obtain goods or services from an outside source.

This process includes researching vendors, order requests, budget negotiation, purchases, and audits.

Steps of a Procurement Process:

Step 1: Identify Goods or Services Requisition or Demand

Step 2: Consider a List of Suppliers

Step 3: Negotiate Contract Terms with Selected Supplier

Step 4: Finalise the Purchase Order

Step 5: Receive Invoice and Process Payment

Step 6: Delivery and Audit of the Order

Step 7: Maintain an Accurate Record of Invoices