What are the advantages of procurement planning?

It improves procurement performance, the five rights are easily met, right time, right delivery place, right price, right source and right quality.
This is because one has amble time to plan and execute the plan.
Yes it is very Key.

1.
An effective plan saves time and money.2.
An effective plan serves as a conduit to achieving entity’s objectives.3.An effective plan ensures compliance with regulatory policies.4.An effective plan provides a framework to guide procurement officers in the achievement of their tasks and duties.

It ensures continuity of supplies and smooth operations {without stock outs}, leading to higher profitability.

Facilitates competitive procurement by following the best procurement practices. Eliminates the need to place rush orders that may entail higher prices.

Ensures higher internal customer satisfaction, better performance in procurement.

procurement planning is a tool which lists out requirements expected to be procured over a period of time.
Procurement schedules are developed and then break up into requirement.
Simultaneously consolidation or division of requirements are done to achive economies of scale. 

Procurement planning is the process of deciding what to buy, when and from what source. During the procurement planning process the procurement method is assigned and the expectations for fulfillment of procurement requirements determined.

Procurement Planning is important because:

1.  It helps to decide what to buy, when and from what sources.

2.  It allows planners to determine if expectations are realistic; particularly the expectations of the requesting entities, which usually expect their requirements met on short notice and over a shorter period than the application of the corresponding procurement method allows.

3.  It is an opportunity for all stakeholders involved in the processes to meet in order to discuss particular procurement requirements. These stakeholders could be the requesting entity, end users, procurement department, technical experts, and even vendors to give relevant inputs on specific requirements.

4.  It permits the creation of a procurement strategy for procuring each requirement that will be included in the procurement plan. Such strategy includes a market survey and determining the applicable procurement method given the requirement and the circumstances.

5.  Planners can estimate the time required to complete the procurement process and award contract for each requirement. This is valuable information as it serves to confirm if the requirement can be fulfilled within the period expected, or required, by the requesting entity.

6.  The need for technical expertise to develop technical specifications and/or scope of work for certain requirements can be assessed, especially where in-house technical capacity is not available or is non-existent.

7.  Planners can assess feasibility of combining or dividing procurement requirements into different contract packages.

If the PP ratified simply the PO

Imposed deadline on himself to be met

The PO takes the initiative to start the process

Self reliance and confidence

Blue print to envisage the expected activities

Healthy behavior to bolster your grip on the activities

Time management

Contract management

An effective plan provides a framework to guide procurement officers in the achievement of their tasks and duties.

1.
It helps in smooth operation of business2.
it achieves the best (lowest) price available in market.3.
it gives the buyer an edge over the supplier (since the procurement planning results in big volume) and it inform the supplier about buyer's awareness about their requirement.

WE CAN CONTROL THE STOCK AND WHATEVER PRODUCTS REQUIRED FOR SELLING CAN BE AVAILABLE IN TIME

Procurement Planning lifts up the Cost leadership.