Procurement refers to the process of sourcing or obtaining goods and services. It involves the strategic implementation of Purchasing, as well as active interaction with both the internal customer and external suppliers. Each company has their own processes and policies with regards to the implementation of these practices.
However, no single procurement policy is effective without streamlining the process and taking into consideration various ways where the company can save time, money, and other resources. A good system or strategy is necessary for this process to be efficient and reliable while taking away opportunities for resource wastage. All companies emphasize the utilization of sustainable product and to lessen wasted resources. Subsequently, purchasers have expanded their resources to attain sustainable procurement strategies.
Lean Procurement Strategy
One strategy is the Lean Procurement practices where companies utilize innovative web technology and web solutions to streamline the procurement process, reduce spending and provide measurable accountability.