Word of the Day: procurement plan

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Word of the Day Daily updates on the latest technology terms | July 14, 2020 procurement plan A procurement plan -- also called a procurement management plan -- is a document that is used to manage the process of finding and selecting a vendor. The plan justifies the need for an external supplier and explains how the process of finding a supplier will be performed -- from identifying the project requirements to closing the contract. The goal of a procurement plan is to increase the efficiency, effectiveness and transparency of the procurement process. The document specifically describes how products or services will be acquired and how vendors will be managed during the project. It includes information such as the types of contracts that will be used, the planned delivery or implementation dates for the contracted products or services, the types of metrics that will be used to evaluate the vendor's performance and an explanation of how the procurement process will be performed. Many organizations use procurement software to automate and accelerate the procurement processes and optimize their workflow. Continue reading about procurement plans... Quote of the Day "You should be writing your RFPs with SOW requirements and SLAs that are contract-ready. Contract-ready means the RFP will state that the selected service provider must deliver certain activities (SOW), at a specified level of performance (SLA) at a certain price." - Andy Sealock Related Terms You Should Know IT procurement due diligence customer persona sales funnel request for quotation request for proposal statement of work supplier relationship management procurement software procurement lead time e-procurement service level agreement Buzzword Alert: Procurement container management This buyer's guide breaks down how container technology works and then helps readers determine the right container deployment strategy based on their current and future IT needs.   server hardware Today's server platforms offer a host of options for SMBs and enterprise IT buyers; it's important to learn the essentials before making any purchasing decisions.   governance, risk and compliance (GRC) GRC keeping you up at night? One strategy to consider is deploying specialized software to help manage GRC activities.   cloud access security When it comes to evaluating cloud access security broker (CASB) tools, it's essential to be an informed customer. Identify your organization's usage and security goals to get the context you need before you buy.   intelligent data storage Buying the wrong storage AI platform could have serious implications. Learn the six considerations that can affect your organization's product choice and strategy.   HR management Finding the right HR software isn't just a one-stop shop. You'll need to ask the right questions before determining which software is best for your company.   unified communications Learn how to navigate the growing unified communications systems market and choose the best-suited product for your enterprise. Problem Solving: Buyer's Guide This handy guide gives you step-by-step instructions for how to purchase software -- you'll learn how to create a business plan, get budget approval and find the right software to solve whatever business problem is keeping you up at night. Go to guide Stay in Touch Thank you for reading! For feedback about any of our definitions or to suggest a new definition (or learning resource) please contact us at: editor@whatIs.com FOLLOW US About This E-Newsletter The Word of the Day is published by TechTarget, Inc., 275 Grove Street, Newton, Massachusetts, 02466 US. Click to: Unsubscribe. You are receiving this email because you are a member of TechTarget. When you access content from this email, your information may be shared with the sponsors or future sponsors of that content and with our Partners, see up-to-date Partners List, as described in our Privacy Policy. For additional information, please contact: webmaster@techtarget.com. © 2020 TechTarget, Inc. all rights reserved. Designated trademarks, brands, logos, and service marks are the property of their respective owners. Privacy Policy | Partners List