Definition of Procurement:
Procurement generally refers to the final act of purchasing but it can also include the procurement process overall which can be critically important for companies leading up to their final purchasing decision. Companies can be on both sides of the procurement process as buyers or sellers though here we mainly focus on the side of the soliciting company.
The action of obtaining or procuring something.
Procurement is the act of obtaining goods or services, typically for business purposes. Procurement is most commonly associated with businesses because companies need to solicit services or purchase goods, usually on a relatively large scale.
The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment. It often involves (1) purchase planning, (2) standards determination, (3) specifications development, (4) supplier research and selection, (5) value analysis, (6) financing, (7) price negotiation, (8) making the purchase, (9) supply contract administration, (10) inventory control and stores, and (11) disposals and other related functions. The process of procurement is often part of a companys strategy because the ability to purchase certain materials will determine if operations will continue. A business will not be able to survive if its price of procurement is more than the profit it makes on selling the actual product.
Synonyms of Procurement
Accession, Accouterment, Acquirement, Acquisition, Addition, Armament, Attainment, Catering, Chandlery, Coming by, Dragging down, Earnings, Endowment, Equipment, Finding, Fitting out, Furnishing, Furnishment, Gaining, Getting, Getting hold of, Investment, Logistics, Making, Moneygetting, Moneygrubbing, Moneymaking, Obtainment, Obtention, Outfitting, Preparation, Procural, Procurance, Procuration, Providing, Provision, Provisioning, Purveyance, Reinforcement, Replenishment, Resupply, Retailing, Securement, Selling, Subsidization, Subsidy, Subvention, Supply, Supplying, Trover, Victualing, Winning, Obtaining, Acquiring, Gaining, Gain, Procuring, Procurement, Collecting, Collection, Attainment, Appropriation, Amassing
How to use Procurement in a sentence?
- The accountant stated that the budget for procurement needed to increased, so they could afford new equipment for this quarter.
- The employee used his companys procurement process to find a new vendor to purchase paper from at a lower cost than the previous supplier.
- The restaurant hired a new employee whose sole job was the procurement of the freshest and most inexpensive ingredients available.
- Financial assistance for the procurement of legal advice.
- Business procurement requires preparation, solicitation, and payment processing, which usually involves several areas of a company.
- Procurement is the process of purchasing goods or services and is usually in reference to business spending.
- Competitive bidding is usually a part of most large scale procurement processes involving multiple bidders.
- Procurement expenses can fall into several different categories, depending on the procurement demand.
Meaning of Procurement & Procurement Definition