What is Procurement cycle?

The Procurement Cycle is the process of translating customer requirements into the selection of highly capable suppliers, to timely, accurately, cost effectively deliver high quality, mission critical inputs and raw materials to internal customers. As well as assuring the accurate receipt and timely payment of all accrued invoices.

The goals of the procurement cycle are to:

1. Manage spending
2. Support operations
3. Protect the organization from risk

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