Procured Definition

When most people think of the termprocure, they think of the act of obtaining or acquiring something. In business, however, procurement is a much more specific term that refers to the process of sourcing and purchasing goods and services.

The procurement process generally includes the following steps:

1. Identifying the need for goods or services

2. Researching potential suppliers

3. Requesting quotes or proposals from suppliers

4. Evaluating quotes or proposals

5. Selecting a supplier

6. Negotiating terms with the supplier

7. placing an order with the supplier

8. Receiving and inspecting the goods or services

9. Approving payment to the supplier

10. Managing post-purchase activities such as warranty claims and returns