Procurement Managed Services (PMS) is an official business term that refers to the practice of outsourcing certain procurement functions to a third-party provider. This provider is responsible for managing the entire procurement process, from sourcing and selecting vendors to negotiating contracts and managing the procurement lifecycle. PMS is often used by companies that lack the resources or expertise to manage the procurement process in-house. By outsourcing these functions, companies can benefit from cost savings, improved efficiency, and access to the latest technology and processes. Additionally, PMS can help companies to better manage risk and compliance, as well as improve the overall quality of their procurement processes. Ultimately, PMS is a great way for companies to streamline their procurement operations and ensure that they are getting the best value for their money.