procurement
//prəˈkjʊərmənt//
Noun
procurementSingular
procurementsPlural
1
The process of obtaining or acquiring goods, services, or works from an external source, often through a formal bidding or purchasing process.
The company has a strict procurement process for selecting suppliers.
2
The department or function within an organization responsible for purchasing and acquiring necessary supplies and services.
She works in procurement and handles all supplier contracts.