What steps are involved in Procurement Lifecycle?
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What steps are involved in Procurement Lifecycle?
Answer
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Check about the requirements: The procurement process starts with gathering information about the goods and their quantity. Once gathered all the information, the necessary steps are taken to find out the suppliers to satisfy the requirements.
Contact suppliers: After gathering all the information, the next will be to look for suppliers to get the requirements. Then, quotation requests are sent to suppliers to get the best rates.
Review about the background: Once you get to know about the suppliers, necessary steps are taken to investigate the suppliers like warranties, maintenance services, etc. that he can offer along with supply.
Negotiation: After reviewing the background, negotiation is done by the buyer. Whatever negotiation is made, it is finalized by an agreement along with other information like delivery date, the quantity of material, etc.
Fulfilment of Order: Finally, the order becomes delivered to the supplier accordingly ordered.
Consumption, Maintenance, and Disposal: Lastly, necessary steps are initiated to consume, maintained, and dispose of the material.
