Procurement vs Purchasing
Procurement is a broad practice with implications for competitive advantage, sustainability, product development, operations, risk management and compliance. It may include processes such as vetting suppliers, requesting proposals, negotiating contracts, competitive bidding, managing contracts, supplier performance evaluation and purchasing.Purchasing is a component of a procurement process that involves managing purchase orders, tracking shipments, invoices, payments and related financial controls.| Procurement vs Purchasing | ||
Procurement | Purchasing | |
Definition | The practice of planning, directing and controlling sourcing and purchasing strategy. | The process of purchasing goods and services including financial and operational control of purchase orders and payments. |
