What are the typical procurement objectives of an organization?

What will be an ideal response?

Many organizations have similar procurement objectives; the most common are saving time and money. According to some estimates, a well-managed procurement process can spend half as much as a poorly managed procurement process to acquire the same goods. Other procurement effectiveness objectives include finding reliable, high-quality suppliers; maintaining good relationships with existing suppliers; and supporting other processes in the organization such as sales and operations. Procurement processes also seek to be efficient–to be less costly and to generate fewer failures, such as stockouts, errors, and products that need to be returned to suppliers.