What does procurement mean?
The act of obtaining or acquiring something, especially goods or services, through a process of planning, organizing, and managing resources. Procurement involves the selection and purchase of goods, services, or works from an external source.
Example
"The company's procurement team worked closely with suppliers to negotiate the best possible prices for the materials needed for the project."
Reviewed by Deb Chak, Editor. AI-assisted content curated by RJS Tech Solutions LLP.