Procurement and Supply is an official business term that refers to the process of obtaining goods and services. It is the process of finding, negotiating, and buying the goods, services, or works from an external source, as defined by the purchasing department of a company.

The procurement and supply process involves activities such as selecting suppliers, negotiating contracts, purchasing goods and services, and managing inventory. It also includes activities such as quality assurance, supplier performance management, and contract management.

The goal of the procurement and supply process is to obtain the best value for money, while ensuring the quality of the goods and services purchased. The process of procurement and supply is essential for any business, as it helps to ensure that the company has the necessary resources to meet its objectives.

It is also important for businesses to have a well-defined procurement and supply process in place, as it helps to ensure that the company is able to get the best value for money, while also ensuring that the quality of the goods and services purchased is up to standard.