Procurement

/prəˈkjʊərmənt/

Meaning & Definition

noun

The action of obtaining or procuring something.

The procurement of raw materials is critical for our manufacturing process.

The process of acquiring goods, services, or works from an external source.

The company has a dedicated team for the procurement of software solutions.

The act of obtaining supplies or services through various means, often related to business or government.

Their procurement policies ensure that all purchases are made in compliance with legal regulations.

The acquisition of property or equipment for organizational use.

Effective procurement strategies can lead to significant cost savings for the organization.

A term commonly used in government or corporate contexts to refer to the purchasing process.

The procurement department is responsible for negotiating contracts with suppliers.

Late Middle English: from Latin procuramentum, from procurare 'to take care of'.

public procurement

The process by which governments and public sector organizations purchase goods and services.

procurement policy

The set of guidelines that governs purchasing decisions within an organization.

strategic procurement

A method of procurement that focuses on long-term value rather than just the initial costs.

purchase

The act of buying something.

supply chain

The entire system of production, processing, and delivery of goods.

contract

A formal agreement between parties.

Getting the goods.

We're all about procuring the right tools for the job.

Sourcing stuff.

Let's just do some quick procurement this afternoon.