Procurement is an integral part of a company that involves operations, finance, logistics management, supply chain, and vendor relationships. Procurement thinkers understand digital technology is key to unlocking mutual benefits from these business areas while mitigating ongoing external risks.
A business’s ability to embrace a strategic and systematic approach to sourcing goods and services results in many advantages. But how do you know if your business is ready to take purchasing to the next level and embrace a procurement mindset? And, how does procurement technology fit into the picture?
Procurement thinking is a strategic approach to sourcing and procurement that focuses on the entire supply chain rather than just the purchasing process. With this approach businesses can transform their sourcing and procurement operations for greater value creation and innovation.
A better understanding of the differences between ‘Procurement’ and ‘Purchasing’ will make it clear that the two terms are not interchangeable. They are differences that any organization operating in today’s business climate needs to know.
