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  2. Process of purchasing goods or services

    Procurement is the process of purchasing goods or services, usually in reference to business spending. Business procurement requires preparation, solicitation, and payment processing, which usually involves several areas of a company.
    www.investopedia.com/terms/p/procurement.asp
    www.investopedia.com/terms/p/procurement.asp
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    What is the role of procurement in a business?It is an important part of business and is responsible for the delivery of products and services to customers. Procurement can be divided into two main categories: internal procurement and external procurement. Internal procurement is when a business purchases goods and services from within its own organization.
    What is procurement process?Procurement involves every activity involved in obtaining the goods and services a company needs to support its daily operations, including sourcing, negotiating terms, purchasing items, receiving and inspecting goods as necessary and keeping records of all the steps in the process. Video: What Is Procurement Software?
    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 services procurement?Services procurement focuses on procuring people-based services. Depending on the company, this may include hiring individual contractors, contingent labor, law firms or on-site security services. It may include both direct and indirect procurement. What is it?
     
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