procurement
n. C / Un. the process of getting supplies, services, or equipment for a company or government. It involves finding the right seller and agreeing on a price.
n. the formal process of obtaining goods, services, or works from an external source, typically through a competitive bidding or tendering process. Often involves strategic sourcing and contract management.
The company changed its procurement process to save money.
The government's procurement of medical supplies was delayed due to a sudden shortage of raw materials.
Effective procurement requires a delicate balance between cost-efficiency and ethical sourcing, ensuring that the supply chain remains resilient against global market fluctuations.
Inherited from Middle English procurement, from Old French procurement, from procurer.
Uncountable when referring to the general business function; countable when referring to specific instances or departments.