Oct 13, 2020

Best Practices for Procurement in Business


The role of procurement in business involves everything from identifying which goods and services the company needs. To assessing and selecting vendors, negotiating terms and prices, approving invoices, arranging payments and maintaining the right documentation and records.

It is a highly strategic role that directly impacts a company’s profit.

Procurement leaders have many responsibilities:

  • They must ensure not only that their teams are acquiring goods and services at the best possible price at all times,
  • And that all tasks are implemented efficiently, so as not to eat into the organisation’s profitability through slow processes, missed opportunities, and high staffing costs.

Unfortunately, procurement inefficiencies are not uncommon and are costing organisations around the globe millions. In the form of delayed purchases, missed discounts and rebate claims, transaction disputes and time wasted struggling with outdated tools like spreadsheets and emails.


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