procurement
Sourcing external goods
Procurement is the process of obtaining goods or services, typically for an organization.
The term is standard in business and government contexts: The company streamlined its procurement procedures, military procurement.
Procurement often implies formal processes—bidding, contracts, vendor selection—rather than simple purchasing.
The verb is procure.
Source of goods
bid · quotation · contract · negotiation · selection · vetting · qualification · outsourcing
Catalog of held assets
- warehousingStoring goods commercially
- distributionAllocation across recipients
- logisticsCoordination of complex activities
- shippingTransporting goods to destinations
fulfillment · replenishment · stockpile · delivery · freight · tracking · receiving · materials
Obtaining through payment
- orderingPlacing in sequence
- invoiceItemized billing statement
- paymentFulfilling a financial obligation
- transactionExchange of goods/money
purchase order · checkout · catalog · requisition · spend · budget · cost · pricing
Formal accounts examination
- policyAdopted principle of action
- regulationOfficial rules governing conduct
- ethicsStudy of right conduct
- transparencyState of being see-through
accountability · documentation · approval · authorization · oversight · anti-corruption · conflict of interest · fair dealing
Reducing expenditure
- efficiencyProductive without waste
- streamliningMaking more aerodynamic or efficient
- automationSelf-operating system design
- benchmarkingMeasuring against top performers
process improvement · cycle time · data-driven · KPI · cost reduction · consolidation · standardization
supplier
Source of goods
tender · bid · quotation · contract · negotiation · selection · vetting · qualification · outsourcing · subcontracting
inventory
Catalog of held assets
- warehousingStoring goods commercially
- distributionAllocation across recipients
- logisticsCoordination of complex activities
shipping · fulfillment · replenishment · stockpile · delivery · freight · tracking · receiving · materials · lead time
buying
Obtaining through payment
- orderingPlacing in sequence
- invoiceItemized billing statement
- paymentFulfilling a financial obligation
transaction · purchase order · checkout · catalog · requisition · spend · budget · cost · pricing · bulk buying
audit
Formal accounts examination
- policyAdopted principle of action
- regulationOfficial rules governing conduct
- ethicsStudy of right conduct
transparency · accountability · documentation · approval · authorization · oversight · anti-corruption · conflict of interest · fair dealing · certification
cost-saving
Reducing expenditure
- efficiencyProductive without waste
- streamliningMaking more aerodynamic or efficient
- automationSelf-operating system design
benchmarking · process improvement · cycle time · data-driven · KPI · cost reduction · consolidation · standardization
- defense spendingdefense budget, defense spending, military spending, army budget, defense contracts
- federal budgetfederal budget, appropriations, deficit, national budget, surplus
- military supportmedical services, transportation, communications, engineering, logistics
- business lawbusiness law, commercial law, corporation, commercial code, S corp
- ERPERP, SAP, PeopleSoft, modules, implementation
- commercetrade, banking, merchant, imports, sales
procurementsale
Exchange for payment
selling · divestiture · vending · distribution · supply
procurementself-production
Creating oneself internally
insourcing · manufacturing · fabrication · making · creation
procurementdivestment
Disposal of assets
disposal · distribution · disbursement · relinquishment · depletion
- military procurementPurchasing for armed forces