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Procurement
The procurement process focuses on finding suitable suppliers for a particular business' needs while factoring in reliability and overall cost. The stages of procurement include sourcing, purchasing, and payment. Procurement aims to create and maintain lasting relationships with suppliers while working together to determine and fulfill business needs in a cost-effective way.
What Small and Midsize Businesses Need to Know About Procurement
Although procurement is a process, it's an ongoing one over the course of a business' lifespan. Whether a single employee handles all procurement stages or a procurement team works together, they will continually assess and build relationships with suppliers to secure lower costs or additional services.
Related terms
- Procurement
- Bill of Materials (BOM)
- Advanced Driver Assistance Systems (ADAS)
- Smart Factory
- Strategic Sourcing
- Value-Added Reseller (VAR)
- Telematics
- Supply Chain
- Vendor
- Enterprise Resource Planning (ERP)
- Supply Chain Planning (SCP)
- Scanner
- SCADA (Supervisory Control and Data Acquisition)
- Total Quality Management (TQM)
- Vendor Management
- Senpai
- Radio-frequency Identification (RFID)
- Loopback
- Total Cost of Ownership (TCO)
- Electro Mobility (e-Mobility)
