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Procurement Process: 10 Steps for Effective Procurement Management

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"Procurement Process: 10 Steps for Effective Procurement Management"

Ways you can optimize your procurement process

According to the Deloitte Global CPO survey 2019, 61% of chief procurement officers (CPOs) agree that procurement-related risks have been on the rise over the past year. Some of the top risks highlighted in the report include economic downturn, internal complexity (at product and organization levels), and managing risk with suppliers. Additionally, there is a chance of potential supply chain disruption.

To minimize these risks, organizations need a procurement process that functions effectively even in difficult scenarios to help them keep their supply chain flowing and ensure that sourcing efforts are not disrupted. In this article, we’ll help you improve your current procurement processes by looking at:

  • Basics of the procurement process
  • Necessary steps for successful procurement
  • Best practices from the field to help your meet your business needs

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