Definition
The end-to-end process of sourcing and buying the goods and services a business needs — finding and vetting suppliers, negotiating prices and terms, issuing purchase orders and managing supplier performance. It is broader than purchasing (the transactional ordering step) because it includes strategy: deciding whether to import or buy locally, managing currency risk on foreign orders, and meeting B-BBEE and preferential-procurement requirements in the South African context.
Frequently asked questions
What is Procurement?
The end-to-end process of sourcing and buying the goods and services a business needs — finding and vetting suppliers, negotiating prices and terms, issuing purchase orders and managing supplier performance. It is broader than purchasing (the transactional ordering step) because it includes strategy: deciding whether to import or buy locally, managing currency risk on foreign orders, and meeting B-BBEE and preferential-procurement requirements in the South African context.
Which glossary terms are related to Procurement?
Procurement is a procurement term in the South African import/export industry. Related terms in the same area include Advance Payment, Bank Guarantee, CSD (Central Supplier Database), Designated Sectors, Documentary Collection — each has its own plain-English definition in the TradeCaravan glossary.