Purchase Management Definition

What is purchase management?

Purchase management is the process of planning, organizing, and controlling the purchasing of goods and services for an organization. It includes the identification of suppliers, negotiation of contracts, and the management of supplier relationships.

Purchase management is a critical function in any organization as it ensures that the right goods and services are procured at the right time and at the best price. An efficient purchase management system can help to improve an organization’s bottom line by reducing costs and ensuring timely delivery of supplies.