IT procurement is the series of activities and procedures necessary to acquire information technology (IT) products and services.
It procurement involves both strategic and administrative responsibilities. It includes the creation and management of request for quotations (RFQs), requests for proposals (RFPs), requests for information (RFI) and managing supplier relationships. Day-to-day tasks may include conducting market research, negotiating pricing, establishing terms and conditions for services, resolving invoice discrepancies and communicating the status of purchases with internal customers.
The Information Services Procurement Library (ISPL) provides a framework for the management of IT procurement. The framework is based on a set of best practices which offer various management tools for helping the chief procurement officer (CPO) understand and effectively manage this complex category of expenditures.
See also: procurement software, e-procurement, procure to pay (P2P), strategic sourcing