Procurement is defined as the purchasing or sourcing of different goods and services for commercial purpose. There are many business owners who outsource their products without following any proper procurement strategy and it eventually affects our environment. Procurement is typically addressed through a specific department of business persons where goods and business related services are being bought or outsourced. However, proper procurement strategies are extremely important because they can help any business unit in achieving its goals and objectives. Planning a closed loop procurement strategy for your business, while also minimizing your impact on the environment, is not only possible, but better for business.
A closed loop procurement strategy can strengthen your relationship with your suppliers and clients and help you to minimize your maverick spend more efficiently. Below listed are a few important guidelines that you can follow in order to make your purchase to pay plan a sustainable, long-term procurement strategy.
This is not an exhaustive list, but these tips will help get you moving in the right direction to eventually help you in planning out a proper, eco-friendly procurement strategy for your business unit.
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