The WAND Procurement Taxonomy contains 145 categories and 107 synonyms. Procurement Process, Suppliers, and Types of Procurement are the top-level terms. Procurement Process includes Tendering and Procurement Methods, Procurement Planning, and Procurement Implementation. Procurement Methods include Competitive Procurement Methods, Construction Management Procurement Methods, E-Procurement, Formal Solicitations, Informal Solicitations, and more. The WAND Procurement Taxonomy was created to provide a foundation set of terms for any enterprise involved in procurement and can easily be customized with terminology specific to any acquisition of goods or services.
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The WAND Taxonomies are foundation taxonomies, meaning they are designed to provide a strong starting point which can then be customized for the needs of a specific business. It’s difficult to find a taxonomy that will be a perfect fit for your needs straight out of the box, so foundation taxonomies are a great place to start because they can provide an initial 80% starting point and jumpstart. With foundation taxonomies, the time spent developing taxonomy is dramatically reduced. Foundation taxonomies provide a common-sense starting point for all stakeholders in a taxonomy project so that targeted feedback can be provided to customize the taxonomy specifically for your needs.
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