Maximize Efficiency in Procurement and Purchasing Process
Understanding the Difference Between Procurement and Purchasing for Maximum Efficiency Introduction: The terms procurement and purchasing are often used interchangeably, however, there is a distinct difference between the two. Understanding the difference between these two processes can help businesses maximize their efficiency and streamline operations. In this article, we will discuss the differences between procurement and purchasing and how understanding this can have a positive impact on a business’s efficiency. What is Procurement? Procurement refers to the overall process of acquiring goods or services from outside vendors. This includes everything from researching potential vendors to negotiating contracts, managing vendor relationships,…