Question: please help me with the below for Business Logistics : Procurement plays a vital role in an organization's success by managing the sourcing and acquisition
please help me with the below for Business Logistics :
Procurement plays a vital role in an organization's success by managing the sourcing and acquisition of goods and services, ensuring operational efficiency and cost control. It helps secure materials at the best prices, fostering strong relationships with suppliers, which in turn minimizes risks such as supply chain disruptions. Procurement also ensures that purchases meet quality standards and comply with legal and ethical requirements. Additionally, procurement supports sustainability initiatives by sourcing ecofriendly products and encouraging responsible
supplier practices. Ultimately, effective procurement enhances profitability by controlling costs and driving innovation, making it a strategic function in organizational performance.
Question
Discuss five principal steps of procurement management in relation to any organization of your choice Marks
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