Glossary

Procurement in finance refers to the process of acquiring goods and services from external sources through a structured approach to improve efficiency, ensure compliance, and maximize value. It involves identifying requirements, evaluating supplier options, negotiating contracts, managing purchase agreements, and ensuring timely delivery within budget constraints. The goal is to achieve the most favorable terms […]

Procurement Certification refers to a formal acknowledgment, typically awarded by professional organizations or educational institutions, to individuals who have demonstrated specialized knowledge and skills in procurement processes and practices. Certification is achieved through coursework, examinations, and practical experience, and it signifies proficiency and competence in sourcing, purchasing, contract management, and supplier relationship management. This credential

A Procurement Innovation Lab is a collaborative environment where procurement professionals, technologists, and stakeholders experiment with and develop new procurement strategies, technologies, and processes. It serves as an incubator for innovative ideas in procurement, aiming to enhance efficiency, drive strategic value, and respond effectively to market demands. Through the utilization of advanced technologies like AI

Procurement in business refers to the process of sourcing and acquiring the goods and services an organization requires for its operations. It involves various activities, such as identifying needs, finding and evaluating suppliers, negotiating contracts, and ensuring the timely delivery of goods or services while achieving cost savings and adhering to company policies. This strategic

Procurement Express is not explicitly defined in the provided documents. However, based on the context of procurement-related discussions and the common naming conventions in procurement and software tools, “Procurement Express” could likely refer to a streamlined or simplified system designed for efficient procurement processes, possibly utilizing advanced AI or software solutions to enhance speed and

A Procurement Management Plan is a formal document used to guide the procurement process by detailing the strategy for acquiring necessary goods and services. It outlines procurement objectives, constraints, methods, and responsibilities, facilitating effective coordination and control of procurement activities within a project or organization.

Procurement Data Management involves the systematic process of collecting, storing, and analyzing data related to procurement activities. It focuses on optimizing supplier relationships, contract management, and spend analysis to enhance decision-making, reduce costs, and ensure transparency and compliance across procurement processes. This management practice leverages technology and data analytics to drive efficiencies and strategic sourcing

Procurement Intelligence refers to the strategic utilization of data and analytics to enhance decision-making across the procurement lifecycle. It involves gathering, processing, and analyzing procurement data to provide insights that drive value optimization, cost savings, risk management, and strategic supplier relationships. This approach leverages technologies such as artificial intelligence and advanced analytics to transform procurement

A Procurement Operating Model is a comprehensive framework that outlines how an organization structures its procurement processes to achieve strategic objectives. It defines the roles, responsibilities, governance, and flow of procurement activities, aligning them with the overall business strategy to maximize efficiency, compliance, and value generation. This model aims to optimize procurement functions by integrating

Onboarding Suppliers is the process of systematically integrating new vendors into an organization’s procurement system. This involves collecting supplier information, verifying credentials, conducting risk assessments, and ensuring compliance with company policies. The aim is to establish efficient, reliable partnerships with suppliers, facilitating smooth procurement operations and minimizing risks in the supply chain.