Procurement is a crucial aspect of businesses. It plays a vital role in expansion and optimization of industries therefore it involves obtaining goods and services, including sourcing, negotiating terms, making purchases, tracking when supplies are received and maintaining records. When all the parts are done efficiently, it leads to increased business profitability and archived targets. It’s important to monitor and recheck the procurement process to ensure best results.
1. Digitize Supplier On-boarding
This is the process of gathering information and data needed to set up an organization as an approved vendor or supplier. This step enables any company to efficiently conduct business, purchase goods and services, and make payments to said supplier. Supplier on boarding also requires checking the prospective supplier and making sure it is in compliance with laws, regulations and corporate standards of the organization.