Procurement
is the process of acquiring goods or services needed for a business. This includes everything from identifying a need, to finding suppliers, negotiating contracts, and receiving the items.

Key activities:

• Identifying what the company needs to buy
• Researching potential suppliers
• Requesting and evaluating bids or proposals
• Negotiating contracts
• Managing orders and deliveries

Contract Management
is overseeing the lifecycle of contracts, from creation to execution and eventual closure. This ensures that all parties meet their obligations and that the company gets the maximum value from the agreement.

Key activities:

• Drafting and reviewing contracts
• Negotiating terms and conditions
• Tracking performance and compliance
• Managing changes and renewals
• Resolving disputes

Why They Matter

• Cost Savings
• Risk Mitigation
• Supplier Relationships
• Efficiency
• Performance