What are the steps in procurement process?
Every procurement management process involves several elements, including requirements determination, supplier research, value analysis, raising a purchase request, reviewal phase, conversion to purchase order, contract administration, monitoring/evaluation of received order, three-way matching, payment fulfilment, and record keeping. These are the important stages in the procurement process flow: Step 0: Needs Recognition The preliminary step in a procurement process is recognizing the need for a product. Be it a brand new order or a recurring purchase, needs are analyzed and the availability is double-checked before creating a request for purchase. Step 1: Purchase Requisition Typically, a procurement process starts with a purchase requisition. The requester sends a request for procurement (paper form, electronic, or phone) to the purchasing department. Step 2: Review of Request The purchase request is then reviewed by the procurement/finance team. Approved requests become POs,...