procurement

9 steps of effective Procurement Process

9 steps of effective Procurement Process
9 steps of effective Procurement Process The procurement process involves a series of activities undertaken to ensure the required materials are available at the right time in the right quantity. Procurement is a strategic business function which impacts the operations, supply chain, quality, cost and profits of most business organization. Hence it is crucial to have an effective Procurement Process. An effective procurement process involves understanding & consolidating the procurement needs of all departments/units of an organization, finding out suitable vendors, evaluating their te...
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Difference between Procurement and Purchasing

Difference between Procurement and Purchasing
Difference between Procurement and Purchasing Both procurement and purchasing are business terms that are quite similar and many people and organizations use these terms interchangeably. However, there is a distinct difference between Procurement and Purchasing. Purchase is more or less a term for transaction activities whereas Procurement is a term for rational activities or strategic activities which includes transactional activities also. In other words, Purchase is a subset of procurement.  Let's have a detail look at both business terms What is Purchasing? Purchasing is a term assoc...
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