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    Procurement

    Procurement is the process by which organizations solicit, purchase, and obtain materials or products that they’ll use for business purposes.

    What Is Procurement?

    Businesses often need large batches of products, materials, and goods to keep their operations running smoothly. Procurement is the process they use to find the right manufacturer or supplier; purchase goods at a price that doesn’t significantly impact profits; and receive purchased materials.

    Procurement is a full-scale process because it requires collaboration between both sides. The supplier’s accounts payable team typically sets procurement standards — which might include price negotiations, product specifications, financing options, and more — that the soliciting business must follow. 

    In many cases, the process involves competitive bidding, in which multiple businesses submit proposals from suppliers to solicit the best, often most affordable, procurement option.

    Procurement is different from direct purchasing because it often requires businesses to strategize about acquiring goods in the most cost-effective way possible. Procurement directly impacts a business’ financial health, so it usually involves more proactive deliberation.

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