Procurement is defined as a strategic process to streamline organization’s operations to ethically purchase quality goods and services from suppliers to realize business objectives of saving cost, reducing time, and improving profitability

Procurement is the term used when a company needs to obtain goods or services from a third party, such as vendors or suppliers. Procurement should be done in such a way that the goods and sources purchased are of high quality while also keeping costs in mind.

Furthermore, procurement management mandates that businesses seek out vendors who are best suited to their business and its unique requirements. As a result, procurement managers must establish arrangements with the finest suppliers at the best prices to increase corporate profitability.