Grower

The Procurement Cycle is generally known as a six-part process, involving:

• Strategic planning: ensuring the purchasing decision benefits your business in the long-term rather than only serving your immediate needs.
• Needs identification: analysing exactly what is required in order to source the right product or service at the right time.
• Tendering/Sourcing: Analysing the market to shortlist the best suppliers, or inviting suppliers to bid for your business.
• Evaluation and selection: Choosing the right supplier and evaluating benefits beyond the lowest price.
• Negotiation and award: Negotiating and agreeing upon contract terms.
• Contract management: Setting up KPIs and milestones to ensure the supplier delivers to contract.

Procurement can bring value to your organisation through:

• Discovering and working with new suppliers
• Analysing your spend to understand costs such as over-ordering and duplication
• creating better contracts
• Increasing your negotiating and purchasing power
• Driving innovation in the supplier base
• Gaining other benefits beyond getting the lowest price, such as environmental benefits