A procurement strategy is a high-level document that states an institution's approach to its procurement activities, its objectives and key initiatives for the following three to five years. The document will provide general information on expenditure, procurement structures, and regulatory considerations and contain a statement of its commitment to developing good working relationships and dealing fairly with all potential suppliers.
Depending on size or complexity, some institutions’ faculties and departments may have their own, more personalised, procurement strategy document. Such 'personalised' documents should, of course, reflect the aims and objectives of the institution's overall procurement strategy.
The following issues should be considered when preparing a procurement strategy:
- Benefits of having a strategy
- Informed way forward
- Procurement Plan
- Aims and objectives
- Regulatory considerations
- Local community relationships