Purchasing vs Procurement | Key Differences Between Purchasing & Procurement
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Purchasing and procurement both terminologies
Purchasing and procurement both terminologies represents the acquisition of goods and services.
Key differences are:
1: Purchasing is simple, but procurement is complex.
2: Goal of purchasing is short term, while goal of procurement of long term.
3: Purchase fulfill operational needs, while procurement fulfills operational, tactical and strategic needs.
4: Purchasing is reactive approach, while procurement is proactive approach.
Key purchasing steps are:
1: Purchase requisition.
2: Supplier quotation and evaluation.
3: Placement of purchase order.
4: Receiving of supplies and checking quality.
5: Payment to the supplier.
Key procurement steps are:
1: Identify the need of the product and services.
2: Market research and shortlist suppliers
3: RFI, RFP, RFQ issuance and supplier selection.
4: Negotiation
5: Contract award
6: Order placement
7: continuously supplier evaluation and monitoring
8: payment after complete supplier evaluation and end to end contract review
What Are RFI, RFP, RFQ, LOI | Basic Procurement Documents | Urdu-Hindi-SCM
What Are RFI, RFP, RFQ, LOI | Basic P...
Complete Procurement Management Playlist
Procurement Management
Complete Lean Supply Chain Playlist
Lean Management
Complete Logistics Management Playlist
Logistics Management
Complete Supply Chain Management Playlist
Supply Chain Management
Complete Inventory Management Playlist
Inventory Management
Complete General Management Playlist
General Management
Complete Production Management Playlist
Production Management
#procurement #purchase #purchasevsprocurement
Key differences are:
1: Purchasing is simple, but procurement is complex.
2: Goal of purchasing is short term, while goal of procurement of long term.
3: Purchase fulfill operational needs, while procurement fulfills operational, tactical and strategic needs.
4: Purchasing is reactive approach, while procurement is proactive approach.
Key purchasing steps are:
1: Purchase requisition.
2: Supplier quotation and evaluation.
3: Placement of purchase order.
4: Receiving of supplies and checking quality.
5: Payment to the supplier.
Key procurement steps are:
1: Identify the need of the product and services.
2: Market research and shortlist suppliers
3: RFI, RFP, RFQ issuance and supplier selection.
4: Negotiation
5: Contract award
6: Order placement
7: continuously supplier evaluation and monitoring
8: payment after complete supplier evaluation and end to end contract review
What Are RFI, RFP, RFQ, LOI | Basic Procurement Documents | Urdu-Hindi-SCM
What Are RFI, RFP, RFQ, LOI | Basic P...
Complete Procurement Management Playlist
Procurement Management
Complete Lean Supply Chain Playlist
Lean Management
Complete Logistics Management Playlist
Logistics Management
Complete Supply Chain Management Playlist
Supply Chain Management
Complete Inventory Management Playlist
Inventory Management
Complete General Management Playlist
General Management
Complete Production Management Playlist
Production Management
#procurement #purchase #purchasevsprocurement
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