Discuss the steps in procurement cycle.

6 Steps to the procurement cycle

1. Identify the business need

The procurement process kicks off with a department or team within the business identifying the need for a particular material, product, or service from a third-party partner. This business need can either be for an internal purpose (e.g., office supplies for meetings) or for external purposes (e.g., shoelace material for sneakers the company will sell to consumers). In this phase, the company will identify the item, quantities needed, and budget available. 

2. Create a list of suppliers

Next, the procurement team at the company will gather a list of potential suppliers who offer the goods or services needed. Sourcing suppliers is a little more involved than simply listing potential companies that can provide what you need. Integrating __________ ______ __________ ________ ___ ___.
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