The official business definition of Purchasing Tools is a set of resources and processes used to identify, evaluate, and acquire goods and services from external suppliers. These tools help to streamline the purchasing process, from researching and evaluating potential suppliers to negotiating and managing contracts. Purchasing Tools can include a variety of components, such as an online catalog of products and services, an automated purchasing system, a system for tracking orders and invoices, and a system for evaluating supplier performance. Additionally, Purchasing Tools can include a variety of strategies and techniques, such as competitive bidding, supplier scorecards, and cost analysis. The goal of Purchasing Tools is to reduce costs, increase efficiency, and ensure quality in the procurement process. By utilizing these tools, businesses can make sure they are getting the best value for their money and that they are selecting the right suppliers for their needs.