formal 3K

Procurement

UK //prəˈkjʊə.mənt// US //prəˈkjʊr.mənt// Pronunciation

Definition

The process of acquiring goods or services, especially for business purposes.

Listen to definition

In simple words: Getting goods or services for a business.

Examples

• The company has streamlined its procurement process to reduce costs.
• Effective procurement can lead to significant savings for the organization.
• He was responsible for the procurement of supplies for the new project.
• Our procurement team handles all vendor negotiations.
• Procurement strategies must align with business objectives to be effective.

Usage notes

Used in business contexts. Not commonly used in everyday conversation. More appropriate in formal reports and discussions.

Grammar pattern

procurement + object

Memory hint

Think of 'pro-cure-ment' as making a professional cure for getting what you need.

Collocations

• procurement process
• strategic procurement
• procurement department
• public procurement
• procurement strategy

Synonyms

• acquisition
• sourcing
• buying
• purchasing
• procurement process

Common mistakes

• Confused with 'purchase'; procurement is a broader term involving the entire process.
• Using 'procurement' in informal settings.
• Misunderstanding it as only the buying stage without recognizing strategic planning.