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- Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Procurement is the process of purchasing goods or services, usually in reference to business spending. Business procurement requires preparation, solicitation, and payment processing, which usually involves several areas of a company. Procurement expenses can fall into several different categories, depending on the procurement demand.www.investopedia.com/terms/p/procurement.aspProcurement is the strategic process of sourcing and acquiring the goods and services that an organization needs to fulfill its business objectives. Unlike purchasing, which is often viewed as a transactional function focused on the act of buying, procurement encompasses a broader spectrum of activities.www.procurify.com/blog/what-is-procurement/Procurement is a systematic process within the supply chain in which business leaders approach spending analytically. It is often considered a key component of a company’s overall corporate strategy as it aligns the company’s overall objectives with their short- and long-term goals.www.xometry.com/resources/procurement/what-is …
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