What is procurement?
The generic term procurement can include all tasks and activities that serve to ensure a company's own supply of goods, operating materials, supplies and equipment from sources outside the company so that the company's purpose can be fulfilled. In contrast to "purchasing", "procurement" tends to be understood as strategic tasks that are intended to contribute to the long-term success of the company.
These include, for example
- Cost minimization
- Market sounding
- Supplier management
- Determination of requirements
