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A Binding Procurement Process using Contract Management System

What is procurement? Procurement is the process of obtaining goods or services from an external source that are essential to the growth of your organization. Companies worldwide engage in the procurement process through a tendering or a bidding process. Procurement is often confused with common purchase; this confusion could arise due to an unfamiliarity in the domain.  Procurement is the process of sourcing and obtaining the goods and services required for the company to fulfill its business objectives through a series of negotiation and strategic decisions, purchasing is the process of buying goods and services.  An example of a procurement item is a quantity of sugar purchased by an ice cream manufacturer to add to the ingredients of the ice cream they sell.  An example of a purchase is when a consumer shops at a grocery store to buy a pint of ice cream to eat.  Procurement items are essentially ingredients to make other products or services to sell, in the middle of the item's life cycle.  Purchase items are essentially consumed or used in full, at the end of the item's life cycle.

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