Z Square Solutions provides a set of processes, procedures, and tools designed to facilitate and streamline the acquisition of goods, services, and resources needed by an organization. It encompasses the entire procurement lifecycle, from identifying the need for a product or service to the final payment and evaluation of the supplier’s performance.
Procurement is a broader process that encompasses the entire lifecycle of acquiring goods and services, including sourcing, vendor selection, negotiation, and supplier management. Purchasing, on the other hand, is a specific activity within procurement that focuses on the buying of products and services.
The procurement department is responsible for managing the procurement process, ensuring compliance with procurement policies and regulations, sourcing suppliers, negotiating contracts, and maintaining supplier relationships.
The procurement process typically involves identifying needs, sourcing suppliers, evaluating and selecting suppliers, negotiating contracts, and managing supplier relationships.