Procurement Process

The Procurement Process is a strategic and systematic approach that guides organizations through the entire lifecycle of acquiring new products or services. It involves a series of well-defined stages aimed at optimizing resource allocation, ensuring quality, and achieving cost-effectiveness. Key elements of the procurement process include determining specific requirements, identifying potential suppliers, evaluating alternative options, and carefully reviewing and approving payments.

This comprehensive process plays a pivotal role in organizational efficiency and success. Variations within the procurement cycle, such as Source-to-Contract (S2C) and Procure-to-Pay (P2P) processes, cater to specific aspects of the acquisition journey. Source-to-Contract focuses on sourcing suppliers and negotiating contracts, while Procure-to-Pay spans the entire spectrum from requisition to final payment.

Learn more about Ivalua's Procure-to-Pay solutions.