Procurement Cycle

Procurement Cycle refers to the series of steps or stages involved in the procurement or purchasing process within an organization. It encompasses the entire lifecycle of acquiring goods, services, or works, from identifying the need for a product or service to the final payment and evaluation of the supplier's performance. The procurement cycle typically includes the following stages:

1. Need Identification
2. Requisition
3. Supplier Identification and Selection
4. Purchase Order
5. Order Fulfillment
6. Receipt and Inspection
7. Invoice and Payment
8. Supplier Evaluation


Learn more about Ivalua's Procure-to-Pay solutions.