Most of the people might know What is Procurement, what are its functions... But also, most people do not know How, When, Why and where it got started. Generally, procurement is an action of obtaining goods or services and it has a Procure-to-pay(P2P) life cycle and it starts from the Requirement, RFQ, PO Creation, Goods Receipt, Preparation of Goods Receipt, Creation of Payment Invoice, Payment and Reporting. For procurement that could mean sourcing the material when prices go down or renewing the contract before it lapses. Procurement is of THREE types – Direct, Indirect and Other 1) Direct Procurement – Raw Material and Production Goods 2) Indirect Material - Maintenance, repair, and operating supplies, outsourcing 3) Other - Capital goods and services Also, Procurement functions in both Public and Private - Private procurement is typically in FP (for-profit) organizations, while public procurement functions to support NFP’s (not-for-profit). Let us