procurement

Procurement Pro procurement
Sourcing Strategies

What is a Purchase Order? [FREE Template]

A purchase order (PO) is the official confirmation of an order. This document is sent from a purchaser to a vendor in order to authorizes a purchase. The purchase order is a form of risk protection. In addition to legal protection, purchase orders assist in inventory management and payment tracking. They allow suppliers to track

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Industry Insights

Were the Ancient Egyptians the First Procurement Professionals?

How did the role of the procurement become what it is today? The history of this profession seems to stem all the way back to 3,000 B.C., at the time the Ancient Egyptians were building the Pyramids. This was not a task to be taken lightly and certainly required a significant amount of materials management.

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Supply Chain Management

Procurement Goes Far Beyond Managing Spends

When we think about procurement, we think of purchasing parts and managing spends. But procurement far surpasses that role. In reality, procurement leaders provide real business value by looking at an organization’s needs and the supply market capabilities that exist. Procurement involves delivering value by lowering costs while increasing quality, and it’s a role that

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Industry Insights

Definition of Procurement

Procurement is the process of finding, agreeing terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. The process is used to ensure the buyer receives goods, services, or works at the best possible price, when aspects such as quality, quantity, time, and location are compared.[ Corporations and public bodies

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