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Aavenir Atlas early access is open Contractflow on the ServiceNow Store since 2019 Runs on ServiceNow, or standalone ProcureTech100 2025/26 Pioneering Digital Solution ISO/IEC 27001:2022 certified, SOC 2 Type 2 compliant

Glossary

What is the procurement process?

The procurement process is the set of steps an organization follows to find suppliers, agree terms and acquire goods, services or works from outside, often through competitive bidding.

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The process flow

  • Need. a business user identifies what is required.
  • Requisition. the request is raised and approved against budget.
  • Sourcing. suppliers are found and invited to bid or quote.
  • Selection and contract. the best offer is chosen and terms agreed.
  • Order. a purchase order is issued.
  • Receipt. goods or services are delivered and checked.
  • Payment. the invoice is matched and paid.
  • Review. supplier performance is assessed.

Components of procurement

Every procurement process rests on three things: people, who request, approve, buy and use; process, the rules and steps each purchase follows; and paperwork or records, from requisitions and contracts to receipts and invoices, which provide control and an audit trail.

Why it matters

Buying decisions are made with limited budgets, so a clear process makes sure money goes where it should. Where good data exists, tools such as cost benefit analysis improve decisions. A defined process also protects against fraud and makes compliance provable.

How Aavenir handles it

The Aavenir intelligence platform runs the contract centered steps, from sourcing in RFPflow and contracting in Contractflow to invoice checks in Invoiceflow, natively on ServiceNow or standalone.

Keep reading

Procurement cycle The procurement cycle is the repeating sequence of steps an organization follows to buy goods and services, from identifying...Read more Purchase order A purchase order is a formal document a buyer sends to a seller listing the items or services, quantities and agreed prices...Read more Request for proposal A request for proposal (RFP) is a formal document that invites qualified suppliers to propose a solution to a defined...Read more

Frequently asked questions (FAQ)

Common questions

What is the first step in the procurement process?

Identifying the need: what is required, in what quantity, to what standard and by when. A clear need makes every later step faster and fairer. Read about purchase descriptions.

What is the difference between procurement and purchasing?

Purchasing is the transactional part: ordering and paying. Procurement includes purchasing plus the strategic work of sourcing, negotiating, contracting and managing suppliers. Purchasing is one part of procurement. Read about the procurement cycle.

How can the procurement process be automated?

Intake forms, approval rules, sourcing tools, contract management and invoice matching can all be automated, with people handling exceptions and decisions. Automation works best once the process itself is clear. See the Aavenir platform.

Have a question we have not answered? Ask the Expert

Schedule a demo

See your contracts run on one record.

  • 1 A 30 minute walkthrough Built around your team, whether that is procurement, legal, IT or finance.
  • 2 Your contracts, not ours Bring a few sample agreements and watch Aavenir AI extract and review them.
  • 3 ServiceNow or standalone We show the deployment that fits the systems you already run.

Prefer to talk first? Contact the team.