Glossary of Procurement Terminology and Definitions
A
- ABC Analysis
- Absorption Costing
- Absorptive Capacity
- Accessible Procurement
- Accounts Payable (AP)
- Accounts Payable (AP) Automation
- Accounts Payable Aging Report
- Accounts Payable Automation Software
- Accounts Payable Digitzation
- Accounts Payable Management
- Accounts Payable Risk Assessment
- Accounts Payable Turnover
- Accounts Receivable (AR)
- Acquisition Cost
- Acquisition Strategy
- Active External Integration
- Active Internal Integration
- Activity-Based Costing
- Ad-Hoc Purchase
- Added Value
- Addressability of Spend
- Advanced Product Quality Planning (APQP)
- Advanced Quality Planning
- Advanced Services Procurement
- Advanced Shipping Notice (ASN)
- After-The-Fact Purchase Order
- Agent Debt
- Agent-to-Agent (A2A) Protocol
- Agentic AI in Procurement
- Agentic Sourcing
- Agile Business Solutions
- Agile Procurement
- Agile Reporting
- Agile Spend Management
- Agile Supply Chain
- AI Agents in Procurement
- AI Cost Savings
- AI in Accounts Payable
- AI In Contract Management
- AI in Ethical Sourcing
- AI In Logistics
- AI In Market Research
- AI In Procurement
- AI in Procurement (S2P)
- AI in Sourcing
- AI In Supply ChAIn
- AI Regulations
- AI-Driven Tender Management Solutions
- Amortization
- Annual Contract Value (ACV)
- AP Invoice
- Approval
- Approval Chain
- Approved Supplier
- Approved Supplier List
- AppXtend
- Assets Tooling
- Auction
- Auction Software
- Audit Trail
- Auto Sourcing
- Auto Sourcing Template
- Automated Expense Reporting
- Automated Invoice Processing
B
- Back-Integration
- Backflush in Manufacturing
- Backflushing
- Backhaul
- Backorder
- Backward Auction
- Backwardation
- Backwards Integration
- BAFO
- Bargaining Mix
- Bargaining Power
- battery Materials Supply Chain
- Benchmarking
- Best and Final Offer
- Best and Final Order
- Bid Analysis
- Bid Response
- Bid Rigging
- Bidding
- Bill of Lading (BOL)
- Bill of Materials (BOM)
- Billing Reconciliation
- Biopharmaceutical Procurement
- Biotech Supply Chain Management
- Blanket Purchase Order (BPO)
- Blockchain in Procurement
- BOM Lifecycle Manager
- Bottleneck Item
- Breach of Contract
- Budget Allocation
- Budget Management
- Budget Planning
- Bullwhip Effect
- Business Expense Management
- Business Process Management (BPM)
- Business Process Outsourcing
- Business Spend Management (BSM)
- Business Travel Reimbursement
- Business-To-Business
- Buyer Group
- Buyers Guide
C
- Calculate Direct Cost
- Call For Competition
- Call Off Contract
- Call-off Contract
- Capex Budget
- Capital Expenditure
- Capital Improvement Plan
- Capital Purchase
- Capital Requirements
- Capital Resources
- Cash Management Platform
- Cash Netting
- Cash Pooling
- Catalog Filtering
- Catalog Management
- Catalog Visibility
- Category Analysis
- Category Management
- Category Management Strategy
- Category Sourcing Strategy
- Category Strategy
- Category Workbench
- Central Purchasing
- Central Purchasing Body
- Centralized Decision Making
- Centralized Procurement
- CFM (collaborative forecasting and planning)
- Change Order
- Change Order Co
- Charts of Accounts (COA)
- Charts of Accounts (COA) Segment
- Chief Procurement Officer
- Child Contract
- Clause Library
- Clinical Trial Procurement
- Closed-Loop Supply Chain
- Closing Stock
- Cloud Billing Software
- Cloud Computing
- Cloud Procurement Software
- Cognitive Procurement
- COGS (Cost of Goods Sold)
- Cold Chain
- Cold Chain Logistics
- Collaboration Plans
- Collaboration Software
- Collaborative Planning, Forecasting, and Replenishment (CPFR)
- Collaborative Procurement
- Collaborative Sourcing
- Commerce XML (CXML)
- Commercial Negotiation
- Common Procurement Vocabulary Codes
- Competitive Bidding
- Competitive Dialogue
- Competitive Dialogue Procedure
- Compliance
- Compliance as a Service (CaaS)
- Compliance Management
- Compliance Risk
- Compliance Risk Management
- Compliance Scorecard
- Compliance Tracking
- Compliant Invoicing
- Comprehensive Sourcing
- Consignment Inventory
- Consolidated Invoice
- Consortia Procurement
- Construction Procurement
- Consumer Markets
- Contingency Planning
- Contingent Labor Management
- Contingent Workforce Program (CWP)
- Continuity Plan
- Continuous Replenishment
- Continuous Transaction Controls (CTC)
- Contract
- Contract Abstraction
- Contract Addendum
- Contract Administration
- Contract Analytics
- Contract Audit
- Contract Authoring
- Contract Automation
- Contract Clause
- Contract Compliance
- Contract Generation
- Contract Lifecycle Management (CLM)
- Contract Line Item
- Contract Management
- Contract Manufacturing Organizations (CMOs)
- Contract Negotiation Automation
- Contract Non-Compliance
- Contract Notice
- Contract Obligation Management
- Contract Performance Guarantee
- Contract Performance Management (CPM)
- Contract Performance Reporting
- Contract Playbook
- Contract Redlining
- Contract Renewal Automation
- Contract Repository
- Contract Review
- Contract Risk
- Contract Risk Assessment
- Contract Score Card
- Contract Templates
- Contract Value
- Contracting Authority
- Contractor
- Cooperative Purchasing
- Corporate Procurement
- Corporate Social Responsibility (CSR)
- Cost Advantage
- Cost Avoidance
- Cost Breakdown Analysis
- Cost Breakdown Structure (CBS)
- Cost Modeling
- Cost of Efficiency
- Cost Responsiveness Frontier
- Cost Savings Tracking Software
- Cost to Serve
- Cost-Plus Pricing Model
- Cost-Reimbursement Contract
- Cost-to-Serve
- CPG company
- Critical Supplier
- Crown Commercial Service (CCS)
- CSDDD (Corporate Sustainability Due Diligence Directive)
D
- Data Enrichment
- Days Payable Outstanding (DPO)
- Decentralized Procurement
- Dedicated Resources
- Deep Value GenAI in Procurement
- Delegation of Authority (DoA) Matrix
- Demand Aggregation
- Demand Disruption
- Demand Flow Manufacturing
- Demand Forecasting
- Demand Management
- Demand Planning
- Demand Prediction Models
- Demand Sensing
- Devolved Procurement
- Digital Contracting
- Digital Procurement
- Digital Supply Chain Twin
- Digital Twin
- Digitalization Of Procurement And Supply
- Dilutive Securities
- Direct and Indirect Spend in Procurement
- Direct Cost
- Direct Cost System
- Direct Materials
- Direct Materials Budget
- Direct Procurement
- Direct Purchase
- Direct Sourcing
- Directive 2014/24/EU
- Dispute Resolution
- Downstream Procurement
- Downstream Supply Chain Operations
- Duns Number
- Duplicate Payments
- Dutch Auction
- Dynamic Discounting
- Dynamic Purchasing System (DPS)
E
- E Purchasing
- eArchiving
- Early Market Advantage
- Early Payment Discounts (EPD)
- Early Payments
- Early Supplier Involvement (ESI)
- Early Supply Involvement
- EAU in Procurement
- EBITDA
- Economic Value-Added
- Economies Of Scale
- Effective Collaboration
- Efficient Consumer Response (ECR)
- eForms
- eInvoicing
- Electronic Data Interchange (EDI)
- Emotional Intelligence in Procurement
- Encumbrance Accounting
- Energy Procurement
- Enterprise Procurement
- Enterprise Resource Planning
- Enterprise Resource Planning (ERP) System
- Enterprise Resource Planning Erp
- eProcurement
- ERP Integration
- ERP Procurement
- ESG in Procurement
- ESG Management
- ESG Risks In Procurement
- eSignature
- eSourcing
- eSourcing Software
- eTender
- Etendering
- Ethical And Sustainable Sourcing
- Ethical Procurement
- Ethical Procurement Practices
- Ethical Purchasing
- Ethical Sourcing
- Evaluated Receipt Settlement (ERS) / Self-Billing
- Evaluation Criteria
- Evergreen Contract
- Expense Management
- Expense Management Program (EMP)
- Expense Reimbursement Software
- Expression of Interest (EOI)
F
- Federal Procurement
- Financial Savings Management
- Financial Supply Chain Management
- Flat File
- Fleet Procurement
- Flip
- Forecasting In Procurement
- Forward Auctions
- Forward Commitment Procurement (FCP)
- Forward Procurement Plan
- Forward Rate
- Foundation Model
- Fourth-Party Risk
- Framework Agreement
- Framework Contract
- Freight Procurement
G
- GenAI Agents in Procurement
- Generative AI (GenAI)
- Generative AI in S2P
- Generative AI Powered S2P
- Global Compliance
- Global Governance
- Global Logistics
- Global Procurement
- Global Sourcing
- Global Supply Chain Management
- Global Treasury Management
- Goals In Supplier Relationship Management
- Good Manufacturing Practice (GMP) Compliance
- Goods Procurement
- Goods Received Not Invoiced (GRNI)
- Goods Received Note (GRN)
- Governance In Procurement
- Government Procurement
- Green Procurement
- Green Supply Chain Management
H
I
- Independent Procurement
- Index-Based Pricing
- Indirect Materials
- Indirect Procurement
- Indirect Purchasing
- Indirect Spend
- Industry 4.0 Technologies
- Insurance Procurement
- Intake Management
- Intake-to-Outcomes (I2O)
- Intake-to-Pay (I2P)
- Integrated Logistics
- Integrated Procurement System
- Inventory Collaboration
- Inventory Control System
- Inventory Holding Costs
- Inventory Management
- Inventory Management Systems
- Invitation to Tender (ITT)
- Invoice
- Invoice Approval
- Invoice Approval Software
- Invoice Automation
- Invoice Billing Reconciliation
- Invoice Data Extraction
- Invoice Dispute Management
- Invoice Hub
- Invoice Management
- Invoice Processing
- Invoice Reconciliation
- Invoice Service
- Invoicing
- Issues Management
- IT Procurement
- Item and Service Master
- Item Master Data
- Item Master Data Management
J
L
M
- Maketing Procurement
- Making Strategic Sourcing A Reality
- Manufacturing Resource Planning (MRP)
- Margin Erosion
- Mass Production
- Master Vendor Data Management
- Master Vendor List (MVL)
- Material Procurement
- Material Requirements Planning (MRP)
- Materials Management
- Maverick Buying
- Maverick Spending
- Mergers and Acquisitions (M&A)
- Merlin Agentic Sourcing
- Minimum Order
- Minimum Order Quantity (MOQ)
- Minimum Pricing
- Mobile Procurement
- Model Context Protocol (MCP) In Procurement
- Modern Slavery Act
- Most Economically Advantageous Tender (MEAT)
- Most Favored Nation (MFN) Clause
- MRO Buyer
- MRO Inventory
- MRO Procurement
- MSA in Procurement
- Multiple Sourcing
N
- Nearshore Sourcing
- Nearshoring
- Negotiated Procedure
- Negotiated Tendering
- Negotiation
- Negotiation BATNA (Best Alternative To a Negotiated Agreement)
- Negotiation Styles
- Net Profit
- Net Value
- Netting
- Network Management
- Network Optimization Model
- Network Sourcing
- Non-Disclosure Agreements (NDAs) in Procurement
- Notice of Award
O
- OEM Procurement
- Offshoring Offtake Agreement
- Omni Channel Logistics
- Onboarding Suppliers
- Online Catalog
- Open Loop Supply Chain
- Open Procedure
- Open Tender Procedure
- Open Tendering
- Open-Loop Supply Chain
- Operating Supplier Relationship
- Opportunity Analysis
- Order Management
- Order Promising
- Order Tracking Syatem
- Overhead Costs
- Overtrading
P
- P2P Procure To Pay Or Purchase To Pay
- Pain/Gain Share Mechanism
- Panel Arrangement
- Partnership Sourcing
- Patent
- Penetration Pricing
- Peppol (E-Invoicing Network)
- Perfect Order Fulfillment
- Performance Management
- Performance Review
- Planned Order Collaboration
- Pre-Commercial Procurement (PCP)
- Pre-Qualification Questionnaire (PQQ)
- Predictive Analytics
- Preferred Supplier
- Price List Catalogs
- Prior Information Notice (PIN)
- Process Automation
- Procure to Invoice
- Procure to Order (P2O)
- Procure to Pay (P2P) Software
- Procure To Pay Process
- Procure-to-Pay
- Procurement
- Procurement Act 2023 (UK)
- Procurement Activity
- Procurement Analytics
- Procurement Audit
- Procurement Automation
- Procurement Benchmarking
- Procurement Bids
- Procurement Business
- Procurement Business Partner
- Procurement Card
- Procurement Catalog
- Procurement Category
- Procurement Center of Excellence (CoE)
- Procurement Certification
- Procurement Company
- Procurement Compliance
- Procurement Consulting
- Procurement Consulting Firms
- Procurement Contract Management
- Procurement Contracts
- Procurement Cycle
- Procurement Dashboard
- Procurement Data Management
- Procurement Directive
- Procurement Express
- Procurement Fraud
- Procurement in Business
- Procurement in Finance
- Procurement in Healthcare
- Procurement in Supply Chain
- Procurement Innovation Lab
- Procurement Intelligence
- Procurement KPI
- Procurement KPIs
- Procurement Lifecycle
- Procurement Log
- Procurement Management
- Procurement Management Plan
- Procurement Master Data Management
- Procurement Metrics
- Procurement Operating Model
- Procurement Operations
- Procurement Optimization
- Procurement Outsourcing
- Procurement Partners
- Procurement Plan
- Procurement Planning
- Procurement Platform
- Procurement Policy
- Procurement Procedures
- Procurement Process
- Procurement Profiling
- Procurement Regulations
- Procurement Route
- Procurement Software
- Procurement Sourcing
- Procurement Strategy
- Procurement Supplier Diversity
- Procurement System
- Procurement Team
- Procurement Technology
- Procurement Thresholds
- Procurement Transformation
- Procurement Value
- Procurement Value Proposition
- Product Master Data Management
- Product Sampling
- Project Management
- Project Procurement Management
- Prompt Engineering
- Proposal
- Public Procurement
- Public Sector Buyer
- Public Sector Procurement
- PunchOut Procurement Solutions
- Purchase Description
- Purchase Order (PO)
- Purchase Order Management
- Purchase Order Management
- Purchase Order vs Invoice
- Purchase Pallets
- Purchase Price Variance (PPV)
- Purchase Requisition
- Purchase Requisition Software
- Purchasing
- Purchasing Automation
- Purchasing Cycle
- Purchasing Process
- Purchasing Software
- Purocurement Request
- Push Catalog
Q
R
- Radio Frequency Identification Rfid
- Radio-Frequency Identification (RFID)
- RAG in Procurement (Retrieval-Augmented Generation)
- Raw Materials
- Recoverable Manufacturing
- Remanufacturing
- Remit to Address
- Remitted Payment
- Req Check
- Request For Information (RFI)
- Request For Proposal Rfp
- Request For Quotation (RFQ)
- Request For Supplier Qualification RFSQ
- Request For Tender Rft
- Requisition in Procurement
- Requisition to Purchase Order (Req-to-PO)
- Resource Based View
- Resource Levelling
- Responsible Procurement
- Restricted Procedure
- Reverse Auction
- Reverse Logistics
- RFI in Business
- RFP in Business
- RFP, and How does it differ from an RFQ
- RFx in Procurement
- RFx Software
- RFx Tools
- Risk Analysis
- Risk Center
- Risk Management
- Risk Management Plan
- Robotic Process Automation Rpa
S
- S&OP (Sales and Operations Planning)
- S2P Automation with GenAI
- Sales General and Administrative (SGA )
- Savings Management
- Savings Realization
- Savings Tracking
- Savings Tracking Software
- Scope 3 Category 1 (Purchased Goods and Services)
- Sealed Bid
- Seamless Integrations
- Segregation of Duties (SoD) in Procurement
- Selection Criteria
- Send Bidding
- Service-Level Agreement (SLA)
- Services Procurements
- Shared Resources
- Should Cost Analysis
- Should Cost Model
- Should-Cost Model
- Single Source Procurement
- Single-Sourcing
- Smart Procurement
- Social Responsibility in Procurement
- Social Value
- Software Procurement
- Sole Source Procurement
- Sole Sourcing
- Solicitation
- Source Contract
- Source To Pay (S2P) Software
- Source To Settle
- Source-to-Contract
- Source-to-Pay
- Sourcing
- Sourcing Automation
- Sourcing Decision Center (SDC)
- Sourcing Ethics
- Sourcing in Procurement
- Sourcing In Supply Chain
- Sourcing Materials
- Sourcing Process
- Sourcing Services
- Sourcing Strategy
- SOX Legislation
- Spend Analysis
- Spend Analysis Technology
- Spend Analytics
- Spend Cube
- Spend Cube Analysis
- Spend Forecasting
- Spend Leakage
- Spend Management
- Spend Management Software
- Spend Orchestration
- Spend Taxonomy
- Spend Under Management
- Spend Visibility
- Spot Bid
- Stakeholder Management
- Standard Purchase Order
- Standstill Period
- Statement of Word (SOW)
- Stock Management
- Strategic Cost Management
- Strategic Procurement
- Strategic Sourcing
- Strategic Supplier
- Sub-Central Contracting Authorities
- Sub-tier Supplier Management
- Supplier Assessment
- Supplier Assessment In Sustainability
- Supplier Code of Conduct
- Supplier Collaboration
- Supplier Compliance
- Supplier Consolidation
- Supplier Database
- Supplier Development
- Supplier Development Program
- Supplier Diversity
- Supplier Enablement
- Supplier Evaluation
- Supplier Innovation
- Supplier Integration
- Supplier Intelligence
- Supplier Lifecycle Management (SLM)
- Supplier Management
- Supplier Management Software
- Supplier Management System (SMS)
- Supplier Master Data Model
- Supplier Network
- Supplier Network Management
- Supplier Onboarding
- Supplier Performance Management
- Supplier Performance Metrics
- Supplier Performance Scorecard
- Supplier Plotting
- Supplier Portal
- Supplier Portal Analytics
- Supplier Rationalization
- Supplier Rationalization
- Supplier Relationship Management
- Supplier Risk Assessment
- Supplier Risk Mitigation
- Supplier Segmentation
- Supplier Selection
- Supplier Self-Service Portal
- Supplier Sourcing
- Supplier Statement Reconciliation
- Supplier Vetting
- Suppliers Market
- Supply Base Management
- Supply Base Management Process
- Supply Chain
- Supply Chain Agility
- Supply Chain Collaboration
- Supply Chain Consulting
- Supply Chain Control Tower
- Supply Chain Convergence
- Supply Chain Design
- Supply Chain Disruption
- Supply Chain Execution (SCE)
- Supply Chain Finance
- Supply Chain Forecasting
- Supply Chain Inventory Visibility
- Supply Chain Management (SCM)
- Supply Chain Management Software (SCM)
- Supply Chain Mapping
- Supply Chain Modeling
- Supply Chain Operations Reference (SCOR)
- Supply Chain Optimization
- Supply Chain Planning
- Supply Chain Resilience
- Supply Chain Risk Management
- Supply Chain Risk Management Software
- Supply Chain Risk Matrix
- Supply Chain Software
- Supply Chain Sustainability
- Supply Chain Transformation
- Supply Chain Visibility SCV
- Supply Management
- Supply Positioning Model
- Supply Risk Management
- Sustainability
- Sustainability Reporting
- Sustainable Cost Savings
- Sustainable Government Procurement
- Sustainable Logistics
- Sustainable Packaging
- Sustainable Procurement
- Sustainable Procurement Policy
- Sustainable Procurement Report
- Sustainable Procurement Requirements
- Sustainable Procurement Statistics
- Sustainable Purchasing
- Sustainable Sourcing
- Sustainable Suppliers
- Sustainable Supply Chain
- Sustainable Supply Chain Consulting
- Swift Global Payments Innovation (GPI)
T
- Tactical Sourcing
- Tail Spend
- Takt Time
- Taxonomy
- Tender Documentation
- Tender Evaluation Panel
- Tendering
- Text Summarization
- Text-to-Code (T2C)
- Third-Party Risk Management (TPRM)
- Total Cost of Ownership (TCO)
- Track and Trace
- Track Trace Tt
- Transaction Cost
- Transparency
- Transparency With Suppliers
- Treasury Software
- Treaty on the Functioning of the European Union (TFEU)
- Two-Tier Pricing
U
V
- Value Added Tax (VAT)
- Value Engineering
- Value for Money (VfM)
- Value Stream Mapping
- VAT in the Digital Age (ViDA)
- Vendor Agreement
- Vendor Compliance Manual
- Vendor Consolidation
- Vendor Contract Management
- Vendor Fraud
- Vendor Managed Inventory (VMI)
- Vendor Master Data
- Vendor Master Data Management
- Vendor Onboarding
- Vendor Performance Scorecard
- Vendor Portal
- Vendor Portals
- Vendor Relationship Management
- Vendor Risk Management
- Vendor Sourcing
