What's the Difference Between Procurement and Purchasing?

[Suba]

In the business world, we often encounter the terms procurement and purchasing. They are so similar that many businesspeople assume they have the same meaning and can be used interchangeably. However, others argue that procurement and purchasing differ in both purpose and process. So, procurement isn't just about purchasing merchandise/raw materials; it also involves selecting and evaluating vendors and ensuring purchased goods meet required specifications.

Please leave a comment to clarify the differences between procurement and purchasing.

 

[Starmix]

Before you purchase products you procure first to have a detailed pricing and qualities. The personnel assigned on this knows best of what to do.

 

[Fidelia]

Procurement involves the process of identifying, and selecting a product. Purchase is simply to pay for a product.