Outsourcing Procurement: The 2 Types of Procurement and how to Minimize their Cost

Direct Procurement: The process of acquiring raw materials and goods for production means direct procurement. Indirect Procurement: The act of purchasing supplies or services to function properly on a daily basis is considered as indirect procurement. Today, companies fancy outsourcing procurement for the reason that they do not have the expertise to minimise the costs and to be as time …

Strategies: What is Digital Procurement

Digital procurement, the next step in the procurement field; but what exactly is procurement? For businesses, procurement is an important process; but the term can be confusing to some people. As a matter of fact, procurement is often used interchangeably with purchasing (as we already covered here). To quickly recap, purchasing is the process of buying goods or service. Procurement …

STRATEGIES – PROCUREMENT & PURCHASING

What does procurement and purchasing mean to a business? Many businesses know that both procurement and purchasing are important processes, but often these two words are used interchangeably. Let’s first take a glance at the field of procurement. The procurement field involves buying, negotiating contracts, finding suppliers, and several other in-field job scopes that go hand-in-hand with each other. This …