Fulfill the requirement of the organisation by acquiring Goods & Services from Suppliers by maintaining right – Quality, Quantity, Price, Time, Service, Source & Place. These are called 7R of Purchasing.

Procurement Vs Purchasing

Procurement is a broader function whereas Purchasing is a small subset of the Procurement function.

Procurement refers to the process of identifying, shortlisting, selecting, and acquiring suitable goods or services from a third party vendor through while ensuring timely delivery in the right quality, quantity an…[Read more]