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In this video, we investigate what procurement is. Procurement is the process of acquiring goods, services, or works from external sources to meet an organisation's needs. It involves tasks such as sourcing suppliers, negotiating contracts and managing the purchasing process. Effective procurement aims to obtain quality products or services at the best possible prices, within budget and in a timely manner. It is a critical function for businesses, government agencies and nonprofit organisations to ensure their operational needs are met efficiently and cost-effectively. • ►Become a FREE SUBSCRIBER to TWO TEACHERS now: • https://www.youtube.com/c/TwoTeachers... • ►Check out our website for lots of educational business resources • https://www.twoteachers.co.uk • Remember to hit subscribe turn notifications on (bell icon) so you never miss a video! • #procurement #businessexplainervideos #businesseducation

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