Business Procurement Definition

‘Business procurement is the process of acquiring goods or services from an external source. It typically involves four key steps: identification of need, selection of supplier, negotiation of price and terms, and finally, purchase.

Procurement is a critical function for any business, as it helps ensure that the company has the resources it needs to operate effectively. In many cases, procurement can be a complex and time-consuming process, so it’s important to have a clear understanding of what it entails before embarking on any major purchases.’