What is Procurement & Purchasing? Procurement Procurement refers to the strategic process of acquiring goods, services, and materials needed by a business or organization. It involves sourcing, negotiation, contract management, supplier selection, and long-term cost optimization . Purchasing Purchasing is a subset of procurement and focuses on the transactional aspects of buying, such as placing purchase orders, receiving goods, and processing payments. 📌 Key Difference: Procurement is a strategic function that includes supplier evaluation, contract negotiation, and long-term cost management. Purchasing is an operational function that focuses on order processing and payment transactions. Functions of a Buyer in Procurement A Buyer plays a crucial role in procurement by ensuring that materials and services are obtained at the right price, from the right supplier, and delivered on time . Key Responsibilities of a Buyer ✅ Supplier Selection & Evaluation – Identifying a...