What is Procurement?

Definition: Procurement involves the strategic acquisition of goods, services, or raw materials required for a company’s operations. The procurement process is a key part of the value chain and includes demand analysis, supplier selection, ordering, and delivery management.

Why is Procurement Important?

Effective procurement enables businesses to reduce costs, ensure supply chain security, and improve the efficiency of production or service delivery. It forms the foundation for an optimized supply chain and long-term competitiveness.