What’s involved in the procurement timeline?
The procurement timeline will differ from business to business, and sector to sector. However, there are certain stages that you should expect to find, no matter what goods/services you’re trying to outsource.
In this blog, we’ll take you through the procurement timeline, step by step.
The 5 stages of outsourcing
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Identify a need
The procurement timeline typically begins with a company discovering a business need. This could be to improve an existing process, reduce costs, or create a new product.
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Develop the scope of work
Next, you need to develop the scope of the work. How much work actually needs to be outsourced? Can you complete any of the work in-house? How many suppliers will you need to deliver the project in full?
This is an important aspect of the procurement timeline. You need to think about this before moving on to the next stage of the procurement process.
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Search for potential outsourcing businesses
Now it’s time to search for potential suppliers. This stage of the process is crucial, as you need to find a suitable outsourcing business for you.
To help with your search, look at the outsourcing company’s client testimonials and customer reviews. What do other businesses have to say about them? What does this tell you about the quality of work on offer?
If the businesses have success rates, then even better! You can factor this into the decision-making process.
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Agreements and contract signing
The next stage of the procurement timeline is to exchange contracts with your chosen supplier. At this stage, you should agree on the services, requirements and terms of the contract. This could also include the scope of work, pricing and timeframes.
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Delivery of the work
Finally, the procurement timeline comes to an end, and your chosen supplier can now deliver the work involved. However, it’s important that you continue to monitor their progress to make sure you’re happy with their performance.
In summary
So, now you know what’s involved in the procurement timeline. Remember, the five key stages of outsourcing are:
- Identifying a business need
- Developing the scope of work
- Searching for outsourcing businesses
- Exchanging contracts
- Delivery of the work.
How can Hudson Procure help with the procurement process?
At Hudson Procure, our procurement experts have nearly two decades of experience. No matter what kind of support you’re looking for, we can help.
Procure Consult
With Procure Consult, we’re offering support with tender management and ad-hoc procurement consultancy. Our expert team will manage the end-to-end procurement process or offer assistance at any stage, as and when required.
Procure Health Check
With Procure Health Check, we’ll conduct a full review of the strategic and operational procurement processes within your organisation. We’ll identify the areas that need improvement and help you drive greater value from the procurement process.
Procure Analyse
The purpose of Procure Analyse is to conduct a high-level analysis of your spending activity. We’ll help you understand your current purchasing behaviour and highlight areas that can deliver greater value. Offered as part of Procure Health Check or as a standalone service.
Procure Outsourcing
With Procure Outsourcing, we deliver a range of procurement solutions on an outsourced basis, completely bespoke to you. This can range from delivering multiple tender projects as a package to delivering the full procurement function of your organisation.
Procure Post
With Procure Post, you can share your tender on one or more of our 11 sector-specific portals. This way, you’ll increase your chances of finding the perfect supplier.
Get in touch for a consultation and find out how we can help your business grow.
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