Purchasing - What is difference between procurement and purchasing?

Q: What is difference between procurement and purchasing?

Procurement concentrates on the strategic process of product or service sourcing, for example researching, negotiation and planning, whilst the purchasing process focuses on how products and services are acquired and ordered, such as raising purchase orders and arranging payment.

Answer

While purchasing focuses on the actual act of acquiring and ordering things and services, such as creating purchase orders and arranging payment, procurement is concerned with the more strategic aspects of obtaining products and services, such as research, negotiation, and planning.

Purchasing - What is difference between procurement and purchasing?

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