Key Elements of Procurement Transformations: People, Process and Technology

Procurement is the acquirement of goods and/or services. It is the goal of the management team within every organization that has an internal budget to see to it that all goods and services procured come at the most favorable prices and terms in order to satisfy the needs of the organization with respect to quality, quantity, on-time delivery, and of course, budget considerations. Corporations and public organizations will often solicit bids from providers in the procurement process as a way to take advantage of open market competition. At the same time, they try to minimize their exposure to economic loss due to quality issues, waste, fraud, and corruption.

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