Procurement business is the official term used to describe the process of acquiring goods and services from external sources. It involves the purchase of goods and services from suppliers and vendors, and the management of the supply chain. The process of procurement business includes the identification of needs, the selection of suppliers, the negotiation of prices and terms, the ordering of goods and services, the receipt and inspection of goods and services, and the payment of invoices. It also involves the management of contracts, the monitoring of supplier performance, and the management of the supplier relationship. Procurement business is an important part of any business and is a key factor in the success of any organization. It is important to ensure that the right goods and services are acquired at the right price, and that the supplier is reliable and provides quality products and services. By managing the procurement process effectively, businesses can ensure that they get the best value for their money and can ensure that their operations are efficient and cost-effective.