PS (Procurement Services or Preferred Source)

Procurement Services (PS) is the official business term for activities related to purchasing goods or services. This includes sourcing, negotiating and selecting vendors, and optimizing procurement contracts for the best price and terms while still meeting the needs of the customer. It also involves managing preferred suppliers and getting the necessary approvals. PS helps organizations create greater efficiencies in their supply chain processes, ensuring that they get the best possible value from their purchases.