Everyone in business talks about procurement, but few people can say clearly what it actually is. If you have ever wondered where purchasing ends and procurement begins, this short video is for you.
In three minutes, you will learn:
- What procurement really means, in plain language
- How procurement differs from simple purchasing
- The full procurement cycle, from identifying a need to managing the supplier
- Why procurement often controls more than half of what a company spends
- Why good buying is about far more than getting the lowest price
The takeaway: procurement is the full journey of getting what an organisation needs, at the best overall value, while keeping risk under control. Purchasing is just one step inside it.
Want to go from understanding the basics to doing the job well? Our practical, on-demand courses are built by people who work in purchasing every day.
