Meaning & use
procurement
Last updated
The process of obtaining goods or services, especially for a business or organization.
See it in a sentence
The procurement department negotiates contracts with suppliers each year.
Government procurement rules require competitive bidding for large contracts.
A note on using this word
In business, 'procurement' refers to the formal process of purchasing, not just the act of buying something once.
Words with a similar meaning
acquisitionsourcing
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