How to establish an effective procurement procedure for your business

Having an internal procurement procedure in a company is important for several reasons. Firstly, it provides a structured and standardized approach to procurement activities, ensuring consistency and efficiency in the process. It helps streamline operations, reduce errors, and minimize the risk of fraud or non-compliance. Secondly, a well-defined procurement procedure enables effective vendor management, allowing businesses to select reliable suppliers, negotiate favorable terms, and maintain strong relationships. Additionally, it promotes transparency and accountability, as the procedure establishes clear roles, responsibilities, and approval levels. An internal procurement procedure contributes to cost savings, quality assurance, risk mitigation, and compliance with legal and ethical standards. In this material, you will get insights on how to create an internal procurement procedure for your business and increase profitability