Sign up for our substack Newsletter: https://worldofprocurement.substack.com?sd=pf

Learn Contract Management through this Contract Management for Beginners Course: https://www.udemy.com/course/contract...

"Mastering Procurement: The Ultimate Guide for Beginners looking to increase their Procurement Knowledge📚🔍

Ever wondered "what is procurement?" or "what is the procurement cycle?" You're in the right place!

In this video, we break down an informative article from World of Procurement, covering everything from procurement phases to contract management in procurement.

Discover the essential stages, strategies, and importance of procurement in the business world.

We're going to be diving deeper into each of the areas raised in this video to give you the best knowledge about what is procurement that you can find.

Like, comment, and subscribe for more insightful content, and check out the original article in the description.

PS. After the Sourcing Phases have been completed which is much of the focus of this video, we need to enable contract management. Rather than complicate this video for beginners, I'll be putting together a "What is Contract Management Video" for you so that you can see how the two slot together.



#procurement

00:00 What is Procurement
00:20 What is Indirect Procurement
00:46 What is Direct Procurement
01:53 What is the Procurement Cycle
02:04 Phase One: Procurement Requirement
02:18 Phase Two: Procurement Specification
02:40 Phase Three: Market Research and RFI
02:55 Phase Four: Request For Proposal
03:08 Phase Five: Supplier Evaluation
03:21 Phase Six: Supplier Negotiations
03:35 Phase Seven: Order Placement, Delivery and Inspection
03:54 What is Agile Procurement
04:35 Procurement Strategies
04:50 Cost Control in Procurement
05:24 Quality Improvement in Procurement
05:49 Supplier Relationship Management
06:10 Risk Management in Procurement
06:32 Conclusion