Etymology:
Procure comes from the Latin word "procurare," meaning "to take care of" or "to manage."
Meaning:
Procurement refers to the process of acquiring goods, services, or works from external suppliers to meet an organization's needs. It involves activities such as:
Origin:
The concept of procurement has existed for centuries. In ancient civilizations, governments and merchants used procurement processes to obtain goods and resources. However, the term "procurement" itself was not widely used until the 19th century.
In the 1800s, the rapid growth of industry and globalization led to a surge in the need for efficient procurement practices. Companies began to recognize the importance of having a dedicated function responsible for managing their supply chains.
During the 20th century, procurement evolved into a highly specialized field with its own set of principles and best practices. Advancements in technology, such as the internet and e-procurement systems, further streamlined the procurement process.
Today, procurement plays a critical role in organizational success. Efficient procurement practices can help businesses:
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