Procurement and Contract Management:

For a long period of time, procurement has been considered as an aspect that deals with purchasing supplies and stationary. Notably, procurement is an absolutely fundamental function in any business and it's important for the success and profitability of the business, particularly with regards to the economic recession and downturns. Until recently, procurement was important but rarely celebrated component of many multinational corporations. Currently, procurement and contract management play vital roles in companies, especially global firms, in ways that the traditional managers could not have imagined. As a result, the procurement and contract management has risen to increased prominence and popularity in the highly competitive business environment. Through these components, companies have been able to strategize towards mitigating risks associated with the tightening of the supplies of critical commodities and increase in prices.

Definition and Importance of Procurement and Contract Management:

Procurement can be described as...
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