Global Procurement Services is an official business term used to describe the process of sourcing, negotiating, and managing the acquisition of goods and services from external suppliers. It involves the strategic management of all activities related to the purchase of goods and services, from the initial identification of the need for a product or service to the delivery of the product or service. This process includes the identification of potential suppliers, the negotiation of terms and conditions, the selection of the most appropriate supplier, and the management of the relationship with the supplier. Global Procurement Services also involves the monitoring of supplier performance, the management of the supply chain, and the management of the procurement process. It is a key component of any successful business and is essential for the efficient and cost-effective delivery of goods and services.