What is a procurement vendor?

A procurement vendor is a company or individual that supplies goods or services to an organisation. They are part of the procurement process, which involves sourcing, purchasing, and acquiring products or services required by the organisation to conduct its operations.

How do I become a procurement vendor for Mirvac?

You need to register or apply here. This may involve filling out an application, providing necessary documentation, and demonstrating your capability to meet their requirements.

What types of goods or services do Mirvac usually procure from vendors?

Mirvac procures a wide range of goods and services, including but not limited to office supplies, equipment, raw materials, technology solutions, consulting services, construction services, maintenance services, and various professional services.

How does the vendor selection process work?

The vendor selection process involves several steps, such as identifying potential vendors, issuing a Request for Proposal (RFP) or Request for Quotation (RFQ), evaluating vendor responses, conducting interviews or presentations, and finally, selecting the best-suited vendor based on factors like price, quality, experience, and capability.

How can I find procurement opportunities as a vendor?

To find procurement opportunities, vendors can register their interest to become a vendor via our website.

What criteria do Mirvac use to evaluate vendors?

Mirvac’s use various criteria to evaluate vendors, which may include pricing competitiveness, product/service quality, financial stability, past performance, delivery capabilities, compliance with legal requirements, and their ability to meet the Mirvac’s needs.

How can a vendor improve their chances of winning a procurement contract?

Vendors can improve their chances of winning a procurement contract by thoroughly understanding the Mirvac’s needs, submitting competitive proposals, showcasing their expertise and track record, offering added value, and maintaining transparent and open communication with the procurement team.

What are the typical payment terms for vendors?

Standard payment terms for Mirvac are 30 days

What is Procurement?

While it’s often used interchangeably with the term purchasing, procurement is actually a set of controls and procedures used to obtain the best possible return on investment (ROI) when making purchases. Purchasing is itself only a part of the overall procurement process, which also includes strategic sourcing, quality control, and supplier relationship management.

Why Does Effective Procurement Matter?

Since spend touches all areas of a business, Mirvac actively looks for ways to optimise procurement services and accounts payable for both direct savings and lower total cost of ownership (TCO) through process optimisation and automation.
Procurement is often considered the centre for cost savings and value creation, providing a template for organisation-wide continuous improvement. 

What is Invoice Matching?

To minimise the risk of invoice fraud and ensure Mirvac meets its obligations as fully and accurately as possible (and, ideally, on or before the due date), the accounts payable team use a process known as invoice matching. This process involves comparing vendor invoices to other documents to verify the accuracy and completeness of the order, and to prevent payment authorisation for any order that doesn’t meet the criteria set in the invoice matching process.
The invoice matching process involves a 3-way match; supplier invoices are verified against the original purchase order and any receiving documentation accompanying the completed order to ensure every line item is of the type, quality, and price specified, at the terms indicated at the time of ordering.

What is Procure-to-Pay (P2P)?

Also known as purchase-to-pay, the procure-to-pay cycle (P2P) covers all the activities involved in purchasing goods and services from suppliers, from the creation of the initial request for purchase (RFP) and purchase order through to payment of the vendor invoice.
In the P2P process, the buyer will fill out an RFP, send the completed form for approval (if necessary), then contact procurement to have a purchase order created and sent to the vendor. Once it’s accepted, the vendor fills the PO, ships the goods, and then bills the buyer. The accounts payable team then verifies the invoice and pays the invoice, then enters all the transaction data in the company’s financial records.
Managed effectively, the P2P process can provide not just savings, but spending data senior management can use to garner actionable insights that drive better business process management and strategic decision making.

What is Source-to-Pay (S2P)?

Like the P2P process, source-to-pay is a comprehensive methodology for recording every step of the purchasing process. However, it starts even earlier in the purchasing process. With S2P, companies can add a new supplier (or suppliers) to their vendor list before the requisition form is created.
S2P allows procurement teams to issue a request for proposal (RFP) or request for quotation (RFQ) to identify, evaluate, and then select a supplier for a given purchase. It also includes the contract negotiation process and the contract award to the winning vendor.

What is Spend Management?

Rather than a single, isolated process, spend management is an approach to controlling spend with optimal accuracy and efficiency. The primary goal of spend management is strategic purchasing executed to support the organisation’s goals for growth and innovation; ensure and enhance its profitability; and strengthen its competitive advantage.
Procurement use spend management, along with its partner, spend analysis, to collect, organise, and analyse spend data to obtain useful insights that will improve process development and optimisation, as well as financial planning.
Leveraging spend data in this way can also help organisations pursue exciting business opportunities they might not have otherwise discovered, including strategic partnerships with suppliers, developing new products, or entering new markets.

What is Sustainable Procurement?

Mirvac is more aware than ever that the ecological and ethical costs of doing business are just as important as the economic expense.
Sustainable procurement is a formalised approach to purchasing goods and services at the best price and value possible while minimising the associated ecological and ethical impact. Mirvac uses sustainable procurement and are proactive in selecting vendors who adhere to clearly defined standards. With established internal controls to reduce waste, create positive ecological and social impact wherever possible, and engage in responsible corporate citizenship.

What is Strategic Sourcing?

As with spend management, the goal of strategic sourcing is to optimise procurement policies and processes for optimal value, savings, and efficiency. Strategic sourcing seeks to improve risk management, build value while maintaining or reducing costs, and streamlining the supply chain for both flexibility and resilience.
Collaborating with suppliers to integrate both process optimisation and continuous improvement into every step of the S2P process (including supplier relationship management, contract management, and strategic planning/shared initiatives) is a hallmark of strategic sourcing.

What is Contract Management?

This process involves negotiating, maintaining, and executing contracts between Mirvac and its suppliers. Contract management presents a valuable opportunity for procurement teams to leverage spend data to negotiate the best possible pricing and terms from suppliers, as well as connect contract data to the purchasing system to ensure both vendor and internal compliance with current contracts.

Procurement Glossary

When navigating procurement FAQs, it’s always helpful to have a quick definition on hand for the terms most used in the procurement and accounts payable functions.

Accounts Payable

The financial function within Mirvac dedicated to processing payments for goods and services.

Purchase Order (PO)

An official document creating a binding agreement between the party selling goods and services (the vendor) and the purchaser. Once an approved PO is sent to the vendor, the buyer has legally agreed to purchase the goods and services indicated on the form.

Direct Procurement

All spend for raw materials, components, finished goods and services essential to creating the products sold by a company is considered direct procurement. For example, contractors purchasing lumber, stone, and other building materials, a restaurant purchasing ingredients, and a retailer purchasing finished goods for resale are all engaged in direct procurement.
Some businesses, such as software companies, don’t have a physical product to produce, and therefore do not engage in direct procurement. The same is true for providers of general services (such as cloud-based information technology (IT) companies), although some service-based businesses (such as janitorial or onsite IT service providers) may have direct procurement expenses based on the physical materials required to execute the services they provide.

Indirect Procurement

Often called “the cost of doing business,” indirect procurement covers all spend not immediately related to production, but rather those goods and services that support daily business enterprise activities.
Indirect procurement includes spend for Maintenance, Repair and Operations (MRO), facilities costs (office space, for example), office supplies, marketing, Human Resources, and outsourced general services (e.g., accounting, security, IT, etc.)

Maverick Spend

Known by many names, including tail spend and rogue spend, maverick spend is spending that takes place outside the approved purchasing system. 
Maverick spend can create serious issues, including:

  • Substandard goods, materials, and services at exorbitant prices.
  • Inaccuracies in financial reporting and cash flow management.
  • Supply chain bloat.
  • Increased risk for invoice fraud and other loss of value.
  • Increased risk of financial compliance issues.
  • Wasted time, talent, and money. 

Punch-Out Catalogues

An eProcurement tool allowing vendors to integrate their catalogues directly with the software environment of Mirvac, providing an eCommerce-style shopping experience while encouraging compliance with procurement policy and ensuring all spend data is captured for organisation and analysis.

Request for Proposals (RFP)

A process where Mirvac solicits a series of sealed bids from interested suppliers, evaluates the bids submitted, and then follows a selection process to award the contract to the winning supplier.
Solicitation documents similar to RFPs include requests for quotations (RFQs), requests for offers (RFOs), requests for information (RFIs) and requests for tender (RFTs). These processes all extend an invitation for bids to interested parties, with differing criteria.
RFQs ask for a specific price based on a detailed description of services; RFOs ask for offers based on a broader, more complex scope of services; RFIs ask for more information that can be used in moving forward with an RFQ or RFO, and RFTs are specific to item quality, quantity, and price but not broader contract-related concerns. 

Single-Source Supplier

A vendor who provides a company’s sole source of a particular good or service.

Supplier Relationship Management

The process of managing Mirvac’s suppliers to ensure minimal risk exposure, the lowest possible costs, and maximum performance, compliance, and value.

Procurement Glossary

When navigating procurement FAQs, it’s always helpful to have a quick definition on hand for the terms most used in the procurement and accounts payable functions.


Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.