Formalized acquisition of goods and services has its roots in military logistics. The Romans developed a system of … See more

The Institute for Supply Management (ISM) defines procurement as an organizational function that includes specification development, value analysis, supplier market research, negotiation, buying activities, c… See more

Procurement is one component of the broader concept of sourcing and acquisition. Typically procurement is viewed as more tactical in nature (the process of physically buying a product or service) an… See more

Procurement software (often labeled as e-procurement software) manages purchasing processes electronically or via cloud computing. See more

CIPS promotes a model of "five rights", which it suggests are "a traditional formula expressing the basic objectives of procurement and the general criteria by which procurement performance is measured"… See more

Joint procurement takes place when two or more organisations share purchasing activities, and therefore has a more specifically buyer-side focus than many examples of collaborative buyer-seller relationship… See more

Procurement and Finance have, as functions within the corporate structure, been at odds. The contentious nature of their relationship can perhaps be attributed to the history of procurement itself. Historically… See more