Abstract

Strategic procurement operations involve managing an organization's current and future purchasing requirements, assessing the market's health, and creating proactive strategies to acquire goods and services to meet corporate goals. This study aimed to investigate the relationship between budgeting and strategic procurement procedures. The study employed a mixed research approach to explore ways to improve strategic procurement procedures and budgeting. It combined quantitative research data with qualitative interviews of targeted groups. A total of 133 respondents were selected from a pool of 200 procurement specialists. Analysis of variance (ANOVA) and descriptive statistics were used to analyze the study's data. The results showed that technology plays a significant role in addressing challenges related to strategic procurement processes and budgeting across different sectors in Nigeria. Additionally, there is a significant relationship between organizations' adaptability to change in procurement processes and budgeting. The study made the following recommendations: Business organizations should improve their risk management systems for the procurement process, and effective budgeting and procurement require the involvement of important stakeholders, such as internal departments and external partners. The study contributed to knowledge in the following ways: its findings can impact industry practices and organizational policy by offering evidence-based suggestions. The study also provides practical recommendations for continuous improvement in procurement and budgeting processes, addressing the need to rotate procurement professionals across different cadres to enhance their skills and knowledge. The study's outcome will benefit both academic literature and practical application by providing a foundation for organizations aiming to improve their procurement processes and budgeting practices in an increasingly complex business environment.

Key words: Analysis of variance (ANOVA), quantitative, risk management, stakeholders, adaptability, evidence based.