All business strive to optimize their Procurement process, but in realization few know how to go about it effectively. More often than not, this costs the organization time and expense.
Procurement involves the process of selecting vendors, establishing payment terms and methods, strategically vetting & selection, negotiation of contracts, and finally the actual purchasing goods. Procurement is also concerned with acquiring all of the goods, services and work vital to the business operation.
Along with actually purchasing the goods, organizations need to effectively coordinate logistics, shipping and supply of the goods within Domestic and/or International markets using foreign currency contracts or knowledge of handling freight forwarders and shipping lines to local transportation companies.