Procurement refers to the process of obtaining goods, services, or works from external sources. It involves activities such as identifying needs, selecting suppliers, negotiating contracts, and acquiring the required products or services. The procurement process is essential for organizations to ensure that they acquire quality goods at the best possible price while managing supplier relationships and meeting regulatory requirements. It often encompasses various strategies, including competitive bidding, direct sourcing, and purchasing through long-term contracts. Effective procurement can enhance operational efficiency and contribute to the overall strategy of an organization.
Vertice, the innovative spend optimization platform, has successfully secured $50 million in Series C funding, setting the stage for remarkable growth. This new investment, led by Lakestar, elevates the company's…