How the 13 STAGES OF PROCUREMENT CYCLE really work

Here is a complete guide to COMMERCIAL CONTRACTING: https://bit.ly/3TgpJDY 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 Learn about Managing contractual risks here: https://bit.ly/3IojJnm Time stamp 00:00 Intro 1:53 STAGE 1: Understand needs and develop a high-level 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: Pre-procurement 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