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- Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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.www.investopedia.com/terms/p/procurement.aspProcurement refers to how companies obtain the goods and services they need for business operations. Effective procurement is crucial for organizations to ensure that they have the right resources to operate efficiently and meet their objectives.www.ibm.com/topics/procurementProcurement is the essential process of acquiring goods and services that a company or organization needs to function effectively. Every business requires various products, such as office supplies, and services, like copy machine maintenance, to support its operations.www.coursera.org/articles/what-is-procurementProcurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process.en.wikipedia.org/wiki/Procurement
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- nounprocurement (noun) · procurements (plural noun)
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