procurement management

Procurement management is responsible for overseeing all the processes involved in acquiring the products, materials, goods and services needed for efficient business operations. Depending on the business and industry, the terms “sourcing,” “purchasing” and “procurement” may be used interchangeably to describe the function of procuring supplies and managing the process, with sourcing considered more strategic, and purchasing and procurement used to refer to the actual operational function.  

Organizations across all industries depend on the expertise of procurement management in seeking out and managing external supplier relationships to ensure these needed items are acquired at the best possible cost. For these reasons, procurement management has a direct impact on an organization’s bottom line and strategic business operations.