GMT (Greenwich Mean Time)

Greenwich Mean Time (GMT) is an internationally accepted time standard based on the solar time at the Royal Observatory in Greenwich, London – also known as Coordinated Universal Time (UTC). It is widely used across industries for determining accurate scheduling and timekeeping purposes. In terms of procurement, it can be used as a reference point to ensure that any international transactions are conducted according to agreed upon timelines. As such, all parties involved should be aware of the Greenwich Mean Time when conducting business, and make sure to consider any differences in local time when performing time sensitive processes.