When a company is built via common people’s money, such a company is called as public company. Because of this reason, the work is quite different when compared to private companies. For a public company to run properly and transparently, they need to provide answers to the public and the government. Therefore, even for procurement process, it runs differently on comparing with private company.
The first thing, public company does is they put a tender to invite suppliers and vendors who can offer better rates when it comes to purchasing goods or services. This tender is visible to the eyes of the public to make sure transparency is provided. The interested supplier or vendor will have to adhere to the terms and conditions of the tender and then submit their offer based on the date mentioned. Once the date is passed, no more suppliers or vendors will be entertained.
Once the vendor or supplier is selected, a contract is signed for the work. The procurement department will then make sure that every detail is mentioned in the contract is proper and also ensure the agreement. The procurer or the procurement department will have to come up with a warehouse in order for the goods to be delivered. Then the delivered goods also need to be checked for the quality and quantity by the procurer. If the work is proper, then the procurer will make a final report which is easily available for the shareholders and other public to see.
If you wish to learn more on such a broad topic, then enroll yourself for procurement management training.