The design of product attributes, value-added processes, and supplier arrangements are all a part of the procurement function. As a result, the purchasing process has a significant impact on price as well as technology, product quality, and time to market.
Sustainability and innovation are no longer viable without a thorough grasp of cost structures along the various phases of a supply chain. The main objective of procurement is to effectively provide extra value and cost savings for the business. This is frequently avoided by separating cost engineering and procurement due to flaws like inconsistent practises and unconnected procedures in buy price analysis.