Procurement Strategy

A procurement strategy is a plan of action designed to guide an organization's procurement process and decision-making. It outlines an organization's approach to acquire the goods, services, and resources it needs to operate and achieve its objectives.A well-defined procurement strategy considers the organization's overall goals, budget, risk tolerance, and market conditions. It outlines the types of suppliers to target, how to engage with them, and how to manage relationships to ensure a steady supply of goods and services at a competitive price.