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Procurement Strategy directly connects an organization to its suppliers. It is a stepwise approach of purchasing a firm's supplies in a cost-effective manner. Several factors such as the budget, requirements, contract, etc. play a vital role in it. Procurement objectives are usually aligned with a company's business objective as well. These days, companies follow an innovative drive strategy to cut cost and attain better results at the same time. It is also related to other domains like supplier strategy, strategic sourcing, and supply chain management.