The words Purchase and Procurement are frequently used interchangeably, however, even if is common this is not necessarily accurate. Purchasing is just a part of the Procurement process, an important one, but only the specific function associated with the actual buying of goods and services from suppliers. This is how procurement and purchasing will be defined throughout this guide.
Procurement in the
Objective of Procurement objective. (6 Rights)
A successful procurement process is the one capable to accomplish with several requirements that can be summarized in the six ‘Rights’. Therefore, every purchase should be procured
- At Right
- from the Right sources.
- in the Right
- of the Right quality and condition.
- delivered to the Rightthe Right location.
- at the Right time.