What do you know about procurement process in the industry

Question

Accepted Answer

The procurement process in the industry involves sourcing, purchasing, and managing goods and services.

Procurement process involves identifying the need for goods or services
Sourcing suppliers and obtaining quotes or proposals
Evaluating and selecting suppliers based on criteria such as price, quality, and reliability
Negotiating contracts and terms with selected suppliers
Managing supplier relationships and monitoring performance
Ensuring timely delivery of goods or services
Maintaining records and documentation of procurement activities

Accepted Answer

There is list of Approved List of Suppliers 
Apart from this new vendors to be added in the system