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  2. Dictionary

    pro·cure·ment
    [prəˈkyo͞orm(ə)nt, prōˈkyo͝orm(ə)nt]
    noun
    procurement (noun) · procurements (plural noun)
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  3. People also ask
    What is the difference between procurement and purchasing?Procurement and purchasing are both processes that involve the exchange of goods and services, so it isn't uncommon for people to confuse the two. But there are certain distinctions between the two. For instance, procurement is more of a strategic process involving acquiring goods and services.
    What is goods procurement?Goods procurement largely refers to the procurement of physical items, but it can also include items like software subscriptions. Effective goods procurement generally relies on good supply chain management practices. It may include both direct and indirect procurement.
    What is a procurement process?Procurement is a strategic process that involves the acquisition of goods and services. Unlike purchasing, it consists of a series of steps that are usually taken by businesses to meet certain needs, such as production, inventory, and sales. It often involves a series of documents like demands and receipts for payment.
    What is direct procurement?Direct procurement involves the acquisition of goods and services directly used in the production of a final product or service delivered to the end customer. This includes raw materials, components, and parts that are integral to manufacturing processes.
     
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    WEBProcurement is a range of activities involved in obtaining goods or services for a company's operations. Learn about the types, processes and technology of procurement, and how it can impact the bottom line.

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