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Procurement
Procurement covers how an organization defines needs, obtains goods or services, and manages the related supplier process.
Procurement is the end-to-end process of obtaining the goods and services an organization needs. It can include defining requirements, selecting suppliers, arranging an order, verifying receipt and managing the supplier relationship.
In property operations, procurement can cover materials or contracted services. Purchasing is the transaction-focused part of that broader process. Describing procurement does not establish who has authority to approve a particular purchase.
Frequently Asked Questions
Is procurement the same as placing an order?
No. The cited NetSuite resource treats purchasing as one part of procurement. Defining needs, selecting suppliers and verifying receipt are also parts of the broader process.
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