In procurement, we use a lot of three-letter acronyms and this resulted in a jargon that is sometimes confusing. So, what are RFQ, LPO, LPR, SLA, SRM, preferred suppliers, reverse auctions, e-tenders …?
Like any part of the business, procurement has its own set of documents. Whether they are digital or still on paper, signed or not, they will not go away any time soon. Let us check them out
What is procurement? How to define it as an entity inside the Company, and how as a business function? What is the main goal of the procurement department? Let us see a couple of definitions I agree definitions are boring. And easy to forget. No worries, no one will ask you to remember and recite them back, ever. However, every procurement professional needs to have a basic understanding of the definition of procurement. So, let…