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Procurement processes vary greatly depending on each company’s structure and needs, but generally include the following nine core steps:
- Identify which goods and services the company needs. First, a business must identify its requirements for a specific item or a service. ...
- Submit purchase request. ...
- Assess and select vendors. ...
- Negotiate price and terms. ...
- Create a purchase order. ...
- Receive and inspect the delivered goods. ...
- Conduct three-way matching. ...
- Approve the invoice and arrange payment. ...
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