Home

Procurement is the process of finding, agreeing terms and acquiring goods, services or works from an external source through a tendering or competitive bidding process. It is considered as one of the elements of the comprehensive model of sourcing and acquisition.  

The process of Procurement is to ensure that the buyer receives goods, services or works at the best possible price, in terms of quality, quantity, time, and location.

Procurement is regarded as more tactical in nature than the Sourcing and Acquisition which are regarded as strategic in nature.

For years, Procurement Department was treated step-motherly, in comparison with Sales, Marketing, R&D and IT, but now when competition is growing thick and high, importance of Procurement has come to the fore and has taken the centre stage.

A survey says, Procurement companies can reduce the purchasing cost of an organisation by an average of 8-15% and can further provide a savings of 2-3%, annually