The Strategic Role Of Procurement On Organization's Profitability

Strategic Role of ProcurementName:Institutional Affiliation:Table of Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc463995719 \h 3Procurement in Business PAGEREF _Toc463995720 \h 4Introduction PAGEREF _Toc463995721 \h 4Purchasing and Acquisition Management PAGEREF _Toc463995722 \h 4Strategic Roles of Procurement PAGEREF _Toc463995723 \h 5Supporting Operations in the Company PAGEREF _Toc463995724 \h 5Management of Procurement Processes PAGEREF _Toc463995725 \h 7Supporting the objectives of the Organization PAGEREF _Toc463995726 \h 10Conclusion PAGEREF _Toc463995727 \h 14Reference PAGEREF _Toc463995728 \h 15AbstractProcurement is a business term indicating the buying and supply of goods and services to an organization in line with the needs in the company. The process ensures constant service delivery from the company through supply of raw materials and necessary workforce to transform the raw materials into finished products. Procurement points out the needs of the organization and addresses the needs, thus limiting any chances of the business making losses. Procurement supplies qualified employees through the employee procurement services and trains the available ones to the required standards of service. The paper will address the strategic roles played by procurement and the collective benefits of the roles in