How Does Procurement Lifecycle Work?
Definition
The end-to-end process for acquiring software including needs assessment, requirements definition, RFP creation, vendor evaluation, contract negotiation, implementation, and ongoing management. The procurement lifecycle ensures systematic vendor selection and successful deployment."
Why This Matters
Understanding the complete procurement lifecycle ensures you don't overlook critical steps including contract negotiation and ongoing vendor management. A comprehensive view helps you avoid common oversights that create problems during implementation and ongoing operations.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
RFP Process
RFP Fundamentals
The systematic workflow for soliciting and evaluating vendor proposals including planning, document creation, vendor outreach, response collection, evaluation, and final selection.
Vendor Selection
Vendor Management & Evaluation
The systematic process of evaluating and choosing software vendors based on product capabilities, security compliance, implementation support, company stability, and pricing.
Contract Negotiation
Pricing & Total Cost
The process of finalizing terms with the selected vendor including pricing adjustments, SLA modifications, customization scope, payment terms, and exit clauses.
Implementation
Implementation & Deployment
The process of deploying, configuring, and operationalizing software after vendor selection, including data migration, training, and go-live activities.
Vendor Management
Vendor Management & Evaluation
Ongoing relationship management with vendors post-contract, including performance monitoring, contract compliance, issue resolution, and strategic partnership development.
Software Procurement
Pricing & Total Cost
The organizational process of researching, evaluating, purchasing, and implementing software solutions.
Procurement Process
RFP Fundamentals
The end-to-end process of identifying needs, evaluating vendors, negotiating contracts, and procuring software or services for an organization.
Vendor Onboarding
Pricing & Total Cost
The structured process of integrating a selected vendor including contract execution, system access provisioning, stakeholder introductions, kickoff meetings, and project plan finalization.
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