Procurement for Beginners What is Procurement amp The Procurement Process

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Sign up for our substack Newsletter: https://worldofprocurement.substack.com?sd=pf • Learn Contract Management through this Contract Management for Beginners Course: https://www.udemy.com/course/contract... • Mastering Procurement: The Ultimate Guide for Beginners looking to increase their Procurement Knowledge📚🔍 • Ever wondered what is procurement? or what is the procurement cycle? You're in the right place! • In this video, we break down an informative article from World of Procurement, covering everything from procurement phases to contract management in procurement. • Discover the essential stages, strategies, and importance of procurement in the business world. • We're going to be diving deeper into each of the areas raised in this video to give you the best knowledge about what is procurement that you can find. • Like, comment, and subscribe for more insightful content, and check out the original article in the description. • PS. After the Sourcing Phases have been completed which is much of the focus of this video, we need to enable contract management. Rather than complicate this video for beginners, I'll be putting together a What is Contract Management Video for you so that you can see how the two slot together. • • #procurement • 00:00 What is Procurement • 00:20 What is Indirect Procurement • 00:46 What is Direct Procurement • 01:53 What is the Procurement Cycle • 02:04 Phase One: Procurement Requirement • 02:18 Phase Two: Procurement Specification • 02:40 Phase Three: Market Research and RFI • 02:55 Phase Four: Request For Proposal • 03:08 Phase Five: Supplier Evaluation • 03:21 Phase Six: Supplier Negotiations • 03:35 Phase Seven: Order Placement, Delivery and Inspection • 03:54 What is Agile Procurement • 04:35 Procurement Strategies • 04:50 Cost Control in Procurement • 05:24 Quality Improvement in Procurement • 05:49 Supplier Relationship Management • 06:10 Risk Management in Procurement • 06:32 Conclusion

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