The Procurement Journey is a series of activities that happen when an organization wants to acquire goods, works, and services. It is done systematically to ensure everything is catered for and reducing the chances of making errors as you keep the relevant documents for future references. The whole journey will be different in various organizations, for it depends majorly on its size and the kind of business you deal with. Here are the crucial steps that will make the Procurement Journey a success; you need to know that if one step is not well-done, then there might be a chance of the whole thing failing:
Identify the required goods, works, or services.
The journey should start once you have realized that there is a need for various goods, works, or services for your organization to operate. It is relevant when you are mainly used to outsource the missing products; what your business and how important the outcome is will determine how fast you will conduct the process and acquire what is needed appropriately. Once you find out its relevance, you should start budgeting how much is required to make the purchase and any other costs needed for the product to reach your organization. Once budgeting is over, consider moving to the next step.
Check and evaluate suppliers.
Getting the right supplier is an essential factor to any business; therefore, you need to be serious about something you need to be serious about. If you go with the wrong supplier, you will regret it because even the deliveries will be done late and nothing will be correct. Your suppliers should be treated like your partners; they are vital to the general success of the business. Once you open the tenders, many suppliers will respond and want to work with you, but you need to evaluate each one for them until you find the best one you can rely on at any time.
Contract awarding and order placement
Once you have concluded with the type of supplier you want to work with, you have to agree on the contractual terms you need to both adhere to until the delivery of goods. Then you should consider placing your first order of what you need and describing the goods, quantity, quality, and price of each of them.
Receive invoices and make the payments
Once you have ordered the goods, you will receive an invoice, and from there, you will start planning on making payments. Here you will get the necessary details you need for payments, and you will need to keep the records for future references and other crucial activities like auditing. You will be expecting to receive the goods as agreed after every term has been complied to.