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You are not going to be any good in procurement if you don’t understand the procurement cycle, especially since the procurement cycle is at the heart of purchasing, sourcing and supply.

Ok, real quick, WHAT IS PROCUREMENT?

Procurement is the strategic business function that identifies, sources, accesses and manages the external resources that an organization needs to successfully fulfil its objectives

So the cyclic nature of procurement has the following stages…basically this is what the procurement cycle looks like

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Time stamp
00:00 Intro
1:53 STAGE 1: Understand needs and develop a highlevel specification
3:19 About SPECIFICATIONS
5:54 STAGE 2: Market / Commodity options
6:49 About Porter’s Five forces
8:01 About CARTER’S OUTSOURCE MATRIX
9:29 STAGE 3: develop strategy / Plan
9:57 About STEEPLE and SWOT analysis
10:58 STAGE 4: Preprocurement market tests and market engagement
13:27 STAGE 5: Development of documentation
16:27 STAGE 7: Issue invitation to tender / request for quotation
17:17 STAGE 8: Bid/ Tender / quotation evaluation and validation
18:39 STAGE 9: contract award and implementation
19:20 STAGE 10: Warehouse logistics and receipt
19:50 STAGE 11: Contract performance review and continuous improvement
20:53 STAGE 12: supplier relationship / contract management
21:30 STAGE 13: Asset management/ end of life

#Procurement #CIPS #SupplyChain #supplychainstrategy