Demand
The procurement process generates and
manages requests for the purchase of goods.
The demand for purchase items may be a one-time event or may recur in
either predictable or random time intervals.
Source
The procurement sourcing process covers the
business activities related to the search, qualification, and selection of
suitable suppliers for requested goods and services.
Order
The procurement ordering process includes
purchase order placement by the buying organization and purchase order
execution by the supplying organization.
Receive
The receipt process acknowledges that a
purchase order has been duly executed.
For orders of physical goods, it will typically include the receipt,
inspection and delivery of the goods to inventory or to another designated
location. For orders of services, it
will typically consist of a notification from the requester or the approving
person that the service has been performed as agreed.
Invoice
The invoice process includes entering
supplier and employee invoices.
Pay
The payment process consists of those
activities involved in the payment for ordered goods and services.
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