How the 13 STAGES OF PROCUREMENT CYCLE really work

You are not going to be any good in procurement if you don’t understand the procurement cycle, especially since the procurement cycle is at the heart of purchasing, sourcing and supply.

Ok, real quick, WHAT IS PROCUREMENT?

Procurement is the strategic business function that identifies, sources, accesses and manages the external resources that an organization needs to successfully fulfil its objectives

Here is a comprehensive look at the stages of procurement cycle.

The video lesson contains the following;

• STAGE 1: Understand needs and develop a high-level specification
• About SPECIFICATIONS
• STAGE 2: Market / Commodity options
• About Porter’s Five forces
• About CARTER’S OUTSOURCE MATRIX
• STAGE 3: develop strategy / Plan
• About STEEPLE and SWOT analysis
• STAGE 4: Pre-procurement market tests and market engagement
• STAGE 5: Development of documentation
• STAGE 7: Issue invitation to tender / request for quotation
• STAGE 8: Bid/ Tender / quotation evaluation and validation
• STAGE 9: contract award and implementation
• STAGE 10: Warehouse logistics and receipt
• STAGE 11: Contract performance review and continuous improvement
• STAGE 12: supplier relationship / contract management
• STAGE 13: Asset management/ end of life