Glossary definition

What is procurement?


Procurement is the process of obtaining or taking ownership of a particular good or service. Multiple aspects of the process such as tracking down the good, negotiating the price and frequency of the purchase, as well as arranging and taking delivery of the good define procurement. In enterprise resource planning, the procurement definition typically includes the entire process of acquiring the goods at the best price with consideration to quantity, quality, scarcity and delivery costs.

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