Purchasing is a systematic and organised process of acquisition of goods and services on behalf of the buying entity. The process of purchasing varies depending on the company’s needs. Purchasing is very important for companies in order to ensure the acquisition of vital items in a timely manner and at a reasonable cost.
Typically, purchasing is part of a much larger acquisition process, which is procurement. Procurement focuses on ensuring a long-term supply in line with demand at the lowest possible cost. With this, the focus consists of expediting, supplier quality, logistics and purchasing.
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