It refers to the business management function that entails identifying, sourcing and accessing external resources that are useful to the extent that the organization can fulfill its strategic objectives. Besides, the tasks involved in procurement include pre-contract activities, which are planning, goods and services identification and sourcing. The post-contract activities include contract and supply chain management, and product disposal (Sollish & Semanik, 2007). Ultimately, the general activities in procurement are corporate governance, risk management, supplier relationship management and risk compliance. The whole operation involves getting goods and services that will help the organization to function and it will stop once the company receives the goods and services. The benefits that an organization receives from procurement include reduced cost for the goods and services, increased efficiency, security of supply, innovation, and improved quality (Sollish & Semanik, 2007).
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