Procurement is the process of finding, agreeing on terms, and acquiring products or services from external suppliers. Procurement involves searching for new suppliers, negotiating with them, and acquiring their products or services based on an agreed set of terms between both parties. It enables businesses to effectively manage inventory costs by providing products at the right time and quantity required to meet customer demands. Businesses work closely with existing suppliers to ensure they are satisfied with quality standards being maintained so long-term relationships can continue. An integral part of this process is maintaining effective communication between all involved parties throughout...