Kindly Highlight the following Details: 1. Describe the steps of the procurement process flow of any manufacturing or Retail company.

The act of procuring involves getting or paying for products or services, usually for commercial reasons.Procurement is commonly associated with enterprises since firms must make requests for services or purchases of goods, usually on a rather big scale. It may also cover the entire procurement procedure, which is crucial for businesses before they make their ultimate purchasing choice. Companies can participate in the procurement process on both the buyer's and seller's sides, but in this case, the company doing the soliciting is the main emphasis.

The management of procurement and procurement processes may consume a sizable percentage of a company's resources. Typically, procurement budgets provide managers a set amount they can use to buy the products or services they require. A company's strategy frequently includes the procurement process since the capacity to acquire specific goods or services can decide how profitable operations will be.

In many instances, company standards and frequently centralised controls from the accounts payable (AP) division of accounting will govern the procurement operations. The preparation and processing of a demand as well as the final receipt and approval of payment are all included in the procurement process.

This can encompass a wide range of activities, including supplier research and selection, standard setting, price negotiating, and inventory control. As a result, for successful procurement, many major firms may need assistance from a few different corporate departments.